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« Fed Governor Issues Warning on Bank Dividends and Mortgage Put-Back Risk | Main | Geithner's Revenge - Elizabeth Warren Might NOT Lead New Consumer Financial Agency: Report »
Friday
Dec312010

Chris Whalen: New Bank Bailouts Under Dodd-Frank For Bank Of America, Wells Fargo Within 12 Months (VIDEO)

Editor's Note: A look back at one of the best Whalen clips of 2010.

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Video:  Chris Whalen - AEI - Nov. 9, 2010

  • "2011 will be a year of massive pain and restructuring for big banks."

Brand new.  No other sites have found or posted this one.  Another first for DB readers.  Best clip I've seen this week.  Runs just 3 minutes.  Huge government restructuring and intervention is on the way.  Next year will be a killer.

  • "Foreclosures are going to overwhelm Bank of America and Wells Fargo."

You will hear that Lehman's estate owns Whalen's mortgage and they can't legally foreclose.  Not due to the Lehman bankruptcy, instead because they never changed the record 7 years ago when they purchased the loan from Bank of New York.

 

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Recent articles from Chris...

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Recent video from Whalen...

 

 

 

 

 

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Reader Comments (33)

I believe I will be buying his book.
Oct 17, 2010 at 1:25 AM | Unregistered CommenterS. Gompers
I can't wait to read this book: "BUSTED: The True Story of How Former Treasury Secretary Chris Whalen Broke Up the Country's Largest Banks, Ended Too Big To Fail, and Restored America's Confidence in the Rule of Law."
Oct 17, 2010 at 11:29 AM | Registered CommenterDr. Pitchfork
Nice one pitch...whalen was in terre haute on oct. 13th speaking...he's a fellow at indiana state...i didn't make the trip over there but i will for his next time thru...he stops in 2-3 times per year...

This is a great clip...that everyone needs to see...
Oct 17, 2010 at 12:13 PM | Registered CommenterDailyBail
Chris Whalen explains the situation very well.

I put my condo up for sale about a month back. Now I'm reconsidering that decision.

In my bankster system takedown fantasy, I stop making mortgage payments right away. The TARP servicer will come after me sooner rather than later because there is considerable equity there (for now at least). When that happens, I sue the servicer in federal court (diversity jurisdiction) for fraud, intentional infliction of emotional distress--the whole kitchen sink, including a declaratory judgment that the servicer does not have the promissory note. Now the only thing I owe are taxes and assessments.
Oct 17, 2010 at 12:27 PM | Unregistered CommenterCheyenne
And you won't be the only one cheyenne...this is another wild card for banks...now that the secret's out about missing documents, how many will challenge the system...it could get very ugly, very quickly...
Oct 17, 2010 at 1:28 PM | Registered CommenterDailyBail
A few links i've stumbled across this morning...

The IPCC consensus on climate change was phoney, says IPCC insider

http://grandmasfiresidechat.blogspot.com/2010/09/sham-of-settled-science-insider-says.html
Oct 17, 2010 at 1:40 PM | Registered CommenterDailyBail
FEDERAL RESERVE OWNERS AND HISTORY

http://www.bushstole04.com/monetarysystem/fed_owners.htm

i won't vouch for all of it but it gives some good background...
Oct 17, 2010 at 1:41 PM | Registered CommenterDailyBail
"FEDERAL RESERVE OWNERS AND HISTORY"

I have stated before that all expansions and contractions are controlled, the depression was used to wipe out non FED controlled banks and buy up real assets at pennies on the dollar. As well as get rid of that pesky gold thing...
Oct 17, 2010 at 4:50 PM | Unregistered CommenterS. Gompers
Well, the Group of Thirty (policy makers for the Central Banking system) have made another move. The Governor of the Bank of England, Mervyn King, will increase its bond purchases (pure quantitative easing and easy money for the bankers) by $160 billion.

http://www.bloomberg.com/news/2010-10-16/bank-of-england-will-expand-stimulus-plan-by-100-billion-pounds-cebr-says.html

This money will be added to the Federal Reserve’s plan to increase government and mortgage linked bond purchases by $500 billion to $1.5 trillion (QE2). Fed purchases to date already exceed $1.5 trillion so this move may double its money printing efforts.

I wish that this site had a spreadsheet that tracked all of the big numbers. I have suggested this many times to DB and his partner to no avail.

I found this by CNN…

http://money.cnn.com/news/storysupplement/economy/bailouttracker/

These figures are as of Nov 2009 so who knows?

To not have the important numbers is like auditing Coca Cola without getting to look at the balance sheet and income statement.

Do you know where I could find a site that does track the numbers? Thanks.
Oct 17, 2010 at 6:42 PM | Unregistered CommenterZ
European Union is a Failure?

BERLIN (AFP) – Germany's attempt to create a multi-cultural society has failed completely, Chancellor Angela Merkel said at the weekend, calling on the country's immigrants to learn German and adopt Christian values.

http://news.yahoo.com/s/afp/20101017/wl_afp/germanymuslimreligionimmigration

Many other countries in Europe have already learned this difficult lesson such as Denmark, Italy and France. Yes, they have been slow to realize their mistake. There is a reason why nations formed, there is a reason why they are so important. The liberal socialist elites don’t respect tradition and don’t value borders. They are so fucking stupid that they think they can combine socialism with nationalism and made Disney World. Germany knows why it is dangerous to combine the two.
Oct 17, 2010 at 6:57 PM | Unregistered CommenterZ
Denmark to pay immigrants £12,000 to go home if they 'can't or won't' assimilate

Denmark is boosting cash incentives to entice immigrants to return to their homelands if they 'can't or won't' assimilate into society.

The offer now on the table is close to £12,000 for every person who takes up the offer to leave.

http://www.dailymail.co.uk/news/worldnews/article-1226698/Denmark-pay-immigrants-12-000-home-wont-assimilate.html
Oct 17, 2010 at 7:02 PM | Unregistered CommenterZ
p.s. The protests in France are getting worse.
Oct 17, 2010 at 7:04 PM | Unregistered CommenterZ
Some in the U.S. still too scared to ask for proof of eligibility from Obama. I thought we were made of tougher stuff.
Oct 17, 2010 at 7:05 PM | Unregistered CommenterZ
Attacking Banks in France...

http://www.youtube.com/watch?v=7LV7U_sZFu4
Oct 17, 2010 at 7:07 PM | Unregistered CommenterZ
whalen was in terre haute on oct. 13th speaking...he's a fellow at indiana state...i didn't make the trip over there but i will for his next time thru...he stops in 2-3 times per year...
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i didn't know that. something to look out for.
Oct 18, 2010 at 12:03 AM | Registered CommenterDr. Pitchfork
No. No bank bailouts unless shareholder equity is reduced to zero, bondholders are wiped out and management is replaced and possibly convicted of fraud. Enough of this bs.
Oct 18, 2010 at 1:25 AM | Unregistered Commenterpopo
Popo--

Completely agree. I was so pissed off in 10/08 about the bailout... well, I did some things out of emotion that weren't smart, like not file income tax returns. But I've since come to my senses... and am still mega pissed. That said, however, I expect the same bs to persist until it can't anymore, which, as I envision it, involves the complete collapse of the U.S. dollar.

Gomp, I don't know about you, but I don't think there is any gold left in Ft. Knox or NYC or in any official U.S. location. Not any metal that doesn't have claims on it, at least. What the last two years has revealed is that bankers lie about everything. Why would they be telling the truth about the only real money in the world? Answer: they wouldn't, and they aren't.

DB--lemme know when Whalen will be in Terre Haute next. I'm within striking distance from there and would like to see. Also, my paternal grandfather lived there for decades and I'd like to see it again. Thanks in advance.
Oct 18, 2010 at 3:14 AM | Unregistered CommenterCheyenne
"Not any metal that doesn't have claims on it"

That is the key.
Oct 18, 2010 at 8:49 AM | Unregistered CommenterS. Gompers
Dodd-Frank doesn't allow a TARP II. In it, FDIC receivership is the exclusive mechanism for providing support to troubled financial firms, which is what SHOULD have happened back in 2008.
Oct 18, 2010 at 9:54 AM | Unregistered CommenterWinston
Winston,

Although there were alternatives to TARP available in 2008 and 2009 (Whalen has explained some of these ad nauseum), the Dodd-Frank provides a "TARP Alternative For Dummies" option that even people like Bair and Geithner can be expected to understand. But FDIC receivership under the new "resolution authority" is optional. There are some decent provisions against taxpayer losses if it comes to that (the bill implicitly recognizes that FDIC would need to borrow tons of cash from the Treasury if a TBTF bank were to be resolved), but is it really credible that Geithner or any other Treasury Secretary would actually allow a TBTF get to the point where it had to go through resolution? I don't think it is.

The same situation maintains today as we had in 2008 -- large, interconnected banks, with tons of CDS exposure. That scared the crap out of the regulators in 2008. Can we really expect them to not be scared next time?

And who really believes that new "TARP" legislation, repealing certain provisions in the Dodd-Frank re creditor losses, couldn't be rushed through congress in a moment's notice? In 2008, and especially in early 2009, resolving the zombie banks was a matter of will power, not legal authority. Consider AIG for just a moment if you don't think Goldman Sachs or Citi or whoever couldn't have been wound down. The Fed just made up a lending facility for AIG in September 2008 and it started borrowing billions the very next day. One way or another, politicians will always choose rescue over resolution. They are free, of course, to prove me wrong.
Oct 18, 2010 at 10:40 AM | Registered CommenterDr. Pitchfork
Happy new year to all Daily Bailers!!!
Dec 31, 2010 at 1:27 PM | Unregistered CommenterSell Short
What the Public doesn't know is that there are more GOLD & SILVER Options let than there is actual METAL to cover.. If everyone with a Metal Contract laid physical claim to their Option, - gold & silver would go thru the ROOF, - as there is NOT enough Gold or Silver to cover the Outstanding contracts.. Precious Metal Brokerages are Leveraging the Metals they hold at a leverage rate of several contracts for every oz or lb of the banked metal, - - very similar to Banks holding your savings can lend out 7 to 10 dollars for each one held on the books.. Ponzi scheme possibly..?? Their last Protection is in Bankrupsy.. You will have survivor rights at the bankrupsy hearings.. Expect a blank nickel recovered on the gold dollar invested..
Those are my thoughts, - what say you..??
Dec 31, 2010 at 6:48 PM | Unregistered CommenterEddie'56
OMG!! SAVE THE BANKS,SAVE THE BANKS,SAVE THE BANKS or the world will end.
Jan 1, 2011 at 12:29 AM | Unregistered CommenterTR
"Happy New Year you Crazy Fun Libs!!!"

All this from the man who said "Alinsky's Rules for Radicals is the new Republican Bible". Did you back any pro choice, gun banning "in the name of responsible gun laws", cross dressing, "Bankers choice" candidates on super Tuesday this year?

Your views are still way to left for most of us, but Happy New Years just the same.

http://www.freerepublic.com/focus/f-backroom/1665819/posts

Ever ask yourself how three liberals rose to the top of the 2008 Republican primaries?
Jan 1, 2011 at 3:26 AM | Unregistered CommenterS. Gompers
"Happy New Year you Crazy Fun Libs!!!"

Damn Gobie, multiple name changes in a few weeks, and you still are getting bumped for being a dumb ass. I will give you a hint, it is not the names you are using, it is just you being a moron that gets you booted.
Jan 1, 2011 at 6:37 AM | Unregistered CommenterS. Gompers
Dr. P...did your "partner" get to see my good wishes for the New Year before you deleted it?

How's that hopey changey workin' for ya?

Ha ha ha ha ha ha ha ha ha ha.

Happy New Year you Crazy Fun Libs!!!
Jan 1, 2011 at 10:06 AM | Unregistered CommenterHopey Changey
I miss you too Gomp...

Should old acquaintance be forgot,
and never brought to mind ?
Should old acquaintance be forgot,
and old lang syne ?

Gomp...Tell the dungeon master to grow a pair and then we can chat again.
Jan 1, 2011 at 10:12 AM | Unregistered CommenterLang Syne
"Flashback: 29 Sept. 2001"

Interesting links John, there was some interesting trades going on in the weeks before the BP rig blew up as well...
Jan 2, 2011 at 1:04 PM | Unregistered CommenterS. Gompers
Oh, thanks G.
Jan 2, 2011 at 3:33 PM | Unregistered CommenterPete Re
Excellent video.
Jan 2, 2011 at 9:14 PM | Unregistered CommenterMike~

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