Barry Ritholtz sez, "The Washington Post has been kind enough to allow me to vent about what is wrong with Wall Street and Washington DC. Today's episode: Robosigning Bank Settlement."
Before the settlement, we learned that nearly every aspect of the robosigned documents was false. None of the details were ever reviewed. The signatures attesting to the review of the documents were fabricated — made by someone other than the person whose name was on the document. Neither person — the supposed signatory to the document nor the hired forger — ever validated the facts of each case. All of the safeguards put in place to make sure foreclosures were done correctly and legally were bypassed. Even the notary stamps were bogus — they were not real, and not signed by a notary to validate that the signer and the signature matched...
The bigger issue is the economics of criminality. Most people who get caught committing crimes are punished. Commit a felony — if you run a bank — and your shareholders pay a monetary fine. Violating the law has merely become the banker’s cost of doing business.
Thus, the robosigning agreement has allowed the mass production of perjury. It has gone unrecognized and unpunished. It has made perjury a business expense, like travel or office furniture. The same reckless approach to giving loans to unqualified people was institutionalized, leading to another reckless approach to foreclosing homes.
Foreclosure settlement a failure of law, a triumph for bank attorneys
Your Roomba vacuum cleaner collects data about the size and geometry of your home as it cleans and transmits that data back to Irobot, Roomba’s parent company — and now the company says it wants to sell that data to companies like Apple and Google.
The American “productivity paradox”: technology keeps marching, but the amount of profit generated by the average worker’s average hour is stagnant.
You know all those health industry lobbyists who say that the American healthcare industry will go broke if it has to take care of the health of Americans?
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