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
Gabriella Corley is a 9 year old with Type I diabetes who’s allergic to the insulin covered by her low-income parents’ healthcare; to live, she must take Sanofi’s proprietary Apidra brand insulin, which has increased in price by 1,123% since 1996, and which is only covered to 25% by her insurer’s Pharmacy Benefit Manager, CVS.
Since the earliest days of ecommerce, analysts have predicted that retailers would use their estimations of their customers’ willingness to pay to invisibly, instantaneously reprice their goods, offering different prices to each customer.
The Intercept publishes a previously-unseen set of Snowden docs detailing more than $500,000,000 worth of secret payments by the Japanese government to the NSA, in exchange for access to the NSA’s specialized surveillance capabilities, in likely contravention of Japanese privacy law (the secrecy of the program means that the legality was never debated, so no […]
If you want to work in tech, but don’t have any desire to code web apps to help businesses sell things to other business, you might want to consider a career in cybersecurity. Judging from the apparent complete infiltration of Russian hackers in American cyberspace, it seems fair to speculate that there’s a major shortage of […]
All moms are different. But all moms like getting flowers on Mother’s Day, and that’s a fact (not, however a fact we can document in any fashion.) Instead of getting chewed out for forgetting to call her on the second Sunday of May, you can take care of it ahead of time with Teleflora’s flower […]
Yeah, Bluetooth audio is pretty common these days, so why should you care about these earbuds? Look how happy that woman up above looks. She’s got FRESHeBUDS in. Boom. There’s your reason. She’s also at the beach and it appears to be a very nice day.But for the sake of promotion, wireless earbuds are fast becoming the […]