EuroZone Tensions Escalating

[olivet]

This imbalance happened during WW1 and WW11, the exxtremes of both prevailed Hitler and Stalin

[Colin2000]

Hi Olivet,

That is very true,  elements contributing to the imbalance between the world wars,

1.  Absolute poverty in both the German speaking Nations.

2.  Absolute poverty in the Russian states.

3.  Absolute poverty in a large part of the US. culminating in the Great Crash starting in 1929 was it?

The result to all three is mob rule, social collapse in their societies accompanied by a degeneration in the Christian Ethic which was in all three founded on The Christian Ethic!

Good example of the result of break down in a societies moral ethic is in the Arab mob rule happening today in the excuse, democracy! 

Unfortunately the alternate is the mob rule of the bullet as a excuse for a democracy which only lives for one day in four or five years, a general election! 

The rest of the time a good democracy is a Bureaucratic Dictatorship for the rest of those periods of time, four or five years? 

Yours in Christ,

Colin.

PS.  Answer, find a way of producing gold and Diamonds from rubbish economically,  Monopoly money perhaps!

[olivet]

Securities

By David McLaughlin - Nov 22, 2011
JPMorgan Chase & Co. (JPM), the biggest U.S. bank by assets, was sued for fraud by German lender Bayerische Landesbank over losses on about $2.1 billion in mortgage-backed securities.

JPMorgan units concealed the truth about the poor quality of the loans underlying the securities and knew that credit ratings misrepresented their risk, BayernLB said in a lawsuit filed yesterday in New York State Supreme Court.

“This misconduct has resulted in astounding rates of default on the loans,” BayernLB said. Most of the securities have been downgraded to junk, it said.

The lender said it believed the mortgage securities were safe investments based on representations about the quality of loans and credit ratings when it invested almost $2.1 billion in 57 offerings from 2005 to 2007, according to the complaint. The lawsuit names JPMorgan and other units of the New York-based bank as defendants.

Jennifer Zuccarelli, a spokeswoman for JPMorgan, declined to comment on the lawsuit.

The case is Bayerische Landesbank New York Branch v. Bear Stearns & Co., 653239/2011, New York State Supreme Court, New York County (Manhattan).

To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net
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These junk mortgages received an A1 credit rating which is another fraud which is contributing to the decline of the European banks which invested in these MBAs

[olivet]

   
WHISTLEBLOWERS AT BANKS TERMINATED AND HARASSED
by Neil Garfield
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GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE

"workers joked that bogus documents were being produced in the “art department.”

"Supervisors’ behavior degenerated from vulgar to threatening, she claimed, when she started complaining about inflated property appraisals and other misconduct. Managers often forged borrowers’ signatures on loan documents and made up fake verification of employment forms, her lawsuit said. One manager, the suit said, had an arrangement with a friendly business owner who was willing to falsely claim that the manager’s loan customers were on his payroll."

"Parmer isn’t alone in claiming she was punished for objecting to fraud in the midst of the nation’s home-loan boom. iWatch News has identified 63 former employees at 20 financial institutions who say they were fired or demoted for reporting fraud or refusing to commit fraud. Their stories were disclosed in whistleblower claims with the U.S. Department of Labor, court documents or interviews with iWatch News."

"These ex-employees’ accounts provide evidence that the muzzling of whistleblowers played an important role in allowing corruption to flourish as mortgage lenders and their patrons on Wall Street pumped up loan volume and profits. Codes of silence at many lenders, former employees claim, helped discourage media, regulators and policymakers from taking a hard look at illegal practices that ultimately harmed borrowers, investors and the economy."

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These are the junk mortgages backing securitized MBAs rated A1 that the German bank was buying

[olivet]

I think the US, EU and Moslem world need exorcisms