Ex-Leaders of Countrywide Profit From Bad Loans

Ex-Leaders of Countrywide Profit From Bad Loans

www.nytimes.com

Fairly or not, Countrywide Financial and its top executives would be on most lists of those who share blame for the nation’s economic crisis. After all, the banking behemoth made risky loans to tens of thousands of Americans, helping set off a chain of events that has the economy staggering.

So it may come as a surprise that a dozen former top Countrywide executives now stand to make millions from the home mortgage mess.

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[edit on 3/4/2009 by semperfortis]

Ok. I don't know about anyone else, but I think I've had enough of this.

Bankers made millions off of selling bad loans, made BILLIONS off of the bailouts, and are now making millions (if not billions) cleaning up the mess THEY CREATED.

It's kind of how war works if you think about it. Defense companies need to sell guns and bombs...so what do they do? Start wars.

It seems that corruption has become the norm in this country, and it's time for us to put an end to it.

It's time for us to oust the career politicians that are in bed with double-dealing, wallet stuffing corporations.

It's time we stopped handing out TRILLIONS in welfare to corporate behemoths.

It's time for us to stop government contractors from giving money to political campaigns.

It's time for us to stop government contractors from hiring politicians and/or their staff members while they are in office and for at least two years after they leave office.

It's time for us to stop taxpayer funding of political agendas, campaigns, lobbying and partisan activity.

It's time for us to stop pork barrel spending and to stop politicians from "tagging" earmarks on to bills.

It's time for us, as Americans, to stand up and say "NO MORE!"

www.nytimes.com
(visit the link for the full news article)

[edit on 3/4/2009 by semperfortis]

Good luck! These things are so firmly entrenched into your politics that you would need a revolution to clean it up! Corporations and Lobbyists should be the first against the wall.

IRM

First step is to take away this massive supply of money. If they don't have it and aren't allowed to create it from thin air, they lose their power. The easiest way to do that is to pare the federal government down to something tiny and return all functions to the states. That will also require some fixing, but at least people have a better chance of seeing what's going on in their own area.

I honestly don't think it would be possible to fix the thoroughly corrupt federal system that now exists because it was created to be manipulated and to siphon off money. It will be easier and far more efficient to simply cut it away. most of it is redundant.

I don't know exactly how this would be done but I believe the constitution provides for it. In fact it was the original vision for the US to have most things done by the states. If the states demand it, the federal government must acquiesce. The president would become what he/she should be: a figurehead with mostly social duties. The real work will be done by governors with their state legislatures.

“STAND UP AND SAY NO MORE” …..I challenge anyone here on ATS that still think that by standing up and say no more will change something. Since the first bailout there has been a lot of stand up….. but did that change anything? NO. The bitter truth is that we can’t do anything. They will take your money and give it to the rich and you will be there standing, saying and watching and nothing will change. Time for some to wake up to the reality and accept the Facts. NOTHING WILL HAPPEN.

At this point, I wonder why ANYONE keeps any money in any of these big banks.

Seriously if you bank with Chase, Capital One, BoA, Citi, etc, you are FUNDING this.

And even if you think your little bit of money can't make that much difference, well, how about when EVERYONE with a little bit of money takes it all out.

Search online for the list of banks that took bailout money - and if your bank is on that list - GET A NEW BANK THAT ISN"T

Quit funding them directly, since we can't stop the indirect funding from the .gov

reply to post by redhatty


I appreciate your call. But how many people are going to do it? NO ONE. The only thing we can do is sit down relax and enjoy the ride……

reply to post by redhatty


Man you got that right! I've been with the bank of shoebox for several years now and never been happier. I dumped all my credit cards also. I don't care if you need them to rent a car or hotel room. I simply just won't add anything to the economy in that manner. F%$# these porkfed pennyloafing bailout thieving dongtogglers!!

reply to post by biomehanika


You just might be surprised at how many already have done it.

Remember, should a bank truly fail, it can take 6 months or longer to get your money from FDIC. Are you paid up that far ahead on your bills and stocked up enough on food?

reply to post by Avalon22


I only wish there were more people like you then we would never have this problem. Credit and Loans are the root cause of the problems…..people live beyond their means. But no offence meant to you I would say you are a fool by giving up your credit card…. Why? Because you will end up paying for all those who still have their credit cards and taking loans. Everything is so F*$#@ that all you can do is F*$#@ more.

Things can get done if enough people are informed and educated about this. Too many people ignore whats happening and pretend nothing is happening and it wont effect them. We are still the power if we get up and do something about it. Sitting and complaining aint gonna do anything. Somebody has to claim a leadership role and start making a time and date of where to protest. We have to enforce our own broadcast somehow and inform the masses of everything the government(s) have been doing behind closed doors and even right in front of us. Both the Democrats and Republicans are to blame and there really is no lesser evil, they are both corrupt beyond repair.

If you see a protest and is protesting in what you strongly agree to and believe in.. join them. Dont just drive by and take a quik look only to not do anything. We are too lazy or are just too desensitized it makes me sick. I'm guilty myself but I have pledged to join a few protests and will be involved in a few more. We cannot give up that easy. As another mentioned, quit supporting the big banks or any banks that get bailouts. That isnt asking for much, this can be done just get off your ***es and do it. We have to support one another and oust this evil empire of a government thats dictating our lives now and who knows what in the furture. There must be activists that are in this forum that can speak out and give us more input of what can be done and where/when are they planning to protest.

reply to post by redhatty


If as you say a lot of people have done that then I think those Banks would have closed down by now…….. Ooops they are still open

reply to post by redhatty


I use Bank of America, but only for debt. mortgage, to be specific. I use other banks for keeping cash, ones that haven't taken bailouts.

It is true that making your voice heard doesn't help. Nobody's listening. They've already decided what they want to do. Plus they are too busy bailing out the crooks.

You know who the American Government fears the most ?

The American government fears the American people the most.

reply to post by disfugured


You mean they WERE afraid…. Not anymore…. Now they are afraid of CHINA

reply to post by biomehanika


You're absolutley correct. People living way beyond their means and tempted (practically invited) to do so by several of the past administrations. I think a whooooooole lot of people are about to learn a an extremely tough lesson from all this, citizens and government alike. It's going to be quite a ride. BTW, I do actually keep 1 credit card tucked away just in case of emergency but I refuse to use it unless absolutely necessery.

reply to post by biomehanika


They obviously still do otherwise they wouldnt be taking away more and more of our rights and freedoms.

Anyhow, whats the largest protest you've seen in America in the last 15 years ?

The answer to that is.. its almost dismal.

When you have 250,000 protestors in Washington DC in front of the whitehouse then you will give them something they cannot sweep under the carpet.

People just dont care about their rights and freedoms enough to do anything anymore and we dont demand answers as we once did especially back in the Vietnam days.

The antiwar movement reached its zenith under President Richard M. .Nixon. In October 1969, more than 2 million people participated in Vietnam Moratorium protests across the country. The following month, over 500,000 demonstrated in Washington and 150,000 in San Francisco. Militant protest, mainly youthful, continued to spread, leading many Americans to wonder whether the war was worth a split society. And other forms of antiwar activity persisted. The Nixon administration took a host of measures to blunt the movement, mainly mobilizing supporters, smearing the movement, tracking it, withdrawing U.S. troops from Vietnam, instituting a draft lottery, and eventually ending draft calls.

www.english.illinois.edu...

reply to post by Avalon22


Your attitude is the right one and one which every citizen around the world should have…. Never live beyond your means. Taking credit and loans will only inflate prices into a bubble that will burst like the sub prime market did.

But then again its people like you who are going to learn a tough lesson and not them or the government because this whole bailout business is to pay for all the other people not like you. In the End their debt will be paid by you and they will be encouraged to do it again and again.

reply to post by biomehanika


I might get nicked a little bit by all this (and yes it burns my a$$). But because of the steps I've take in the last 10 years my family and I will be able to weather this. Even if the market crashes and the banks only give 10 cents on the dollar, we'll be ok. It doesn't have to all be about the money. If you have skills and resources that will usually help get you through the hard times.

we the people have been set up from day one, they used our weakness's to use it against us by de-regulating the laws that kept this in check. A 2 million man (and woman) march or more on Washington D.C. will open their eyes.

It should be a peaceful protest but if they throw the first punch, so can we.

If you got agitators in the group, deal with them. has anyone seen "grapes of Wrath", watch it and learn. they had agitators to and dealt with them.

You can bet your bottom dollar they are waiting for riots just to call Martial Law, and to top it off they are pushing the people into riots by passing these awful bills.

my two bits worth.....