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« Gaddafi: "I Am Still In Libya; I Will Stay To Fight The Dogs" | Main | Iceland President Blocks $5 Billion Icesave Bailout: "The People Should Decide" »
Tuesday
Feb222011

"People Say You're On A Witch Hunt Congressman, I Say More Power To You": Countrywide VIP Subpoenas

Where are the Wall Street handcuffs.

Video - Ratigan with Darrell Issa, Chairman of House Oversight, discussing his first committee subpoena: Countrywide's VIP loan program for friends of CEO Angelo Mozilo - Feb. 17, 2011

Full story from the Washington Post inside.  According to Issa, besides Senators Chris Dodd, Kent Conrad and likely others still unnamed, more than 150 fannie, freddie employees got sweetheart loans.

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New subpoena seeks records on sweetheart loans

WASHINGTON -- A House committee chairman renewed efforts Wednesday to obtain names of current and former federal, state and local policymakers - including congressional colleagues - who received sweetheart mortgage deals from the former Countrywide Financial Corp.

The subpoena by Rep. Darrell Issa of the Oversight and Government Reform Committee makes it more likely that the records could be made public.

A subpoena in 2009, when Democrats controlled the committee, specified that information on discounted loans to members of Congress and their spouses go only to the House Ethics Committee - with all names deleted. The ethics committee has never revealed the information it obtained.

Issa did not favor the restrictions but agreed to them as a compromise so that the committee's former chairman, Rep. Edolphus Towns, D-N.Y., would issue the subpoena.

"Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards," said Issa.

"This subpoena will allow us to obtain the information needed to answer the outstanding public interest questions regarding the full size and scope of the VIP program," he said. "The American people have a right to know the totality of who participated in the Countrywide's VIP program and what they did in return for access to it."

http://www.washingtonpost.com/wp-dyn/content/article/2011/02/16/AR2011021604808.html

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Reader Comments (17)

New subpoena seeks records on sweetheart loans

"Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards," said Issa.

"This subpoena will allow us to obtain the information needed to answer the outstanding public interest questions regarding the full size and scope of the VIP program," he said. "The American people have a right to know the totality of who participated in the Countrywide's VIP program and what they did in return for access to it."

http://www.washingtonpost.com/wp-dyn/content/article/2011/02/16/AR2011021604808.html
Feb 20, 2011 at 11:34 PM | Registered CommenterDailyBail
Feb 20, 2011 at 11:45 PM | Registered CommenterDailyBail
Gaddafi leaves Libya: Report

http://www.presstv.ir/detail/166231.html
Feb 20, 2011 at 11:46 PM | Registered CommenterDailyBail
Feb 20, 2011 at 11:47 PM | Registered CommenterDailyBail
ABBEVILLE, La. -- Unofficial election returns show that Republican Jonathan Perry has narrowly defeated Democrat Nathan Granger in the race to fill a vacant state Senate seat, possibly giving the GOP control of the Senate.
The Louisiana Secretary of State reported on its website Saturday night that Perry received 52 percent of the vote to 48 percent for Granger, with all 106 precincts reporting. Election officials said the results still must be certified and they can be contested until Feb. 28.

http://www.foxnews.com/politics/2011/02/20/gop-candidate-wins-lousiana-senate-special-election-shifting-majority/#ixzz1EZ8M6PrI
Feb 20, 2011 at 11:48 PM | Registered CommenterDailyBail
The big players always got away and will continue to get away with it. But don't worry, the media props up Martha Stewart and Bernie Madoff to give the illusion that the SEC does anything (other than protect the big players).
Feb 21, 2011 at 5:15 AM | Unregistered CommenterJesse
Now some brave american sheeple are slowly awakening ?
Where did you live, what did you care about last decades ?
Ah, you earned lots of Dollars, everything was easy, fine and prosperous!!
Sorry, you are late!
ALL FAKE and FRAUD.
The American Dream had become turned off by the system.
All you still see on TV is an afterglow - will soon disapear.
BTW, these things run all around the globe - you are not alone.
Feb 21, 2011 at 10:49 AM | Unregistered Commenterwitok
You'd better taken off your braincuffs by time than now calling for handcuffs.
Most of what they did and do was legitim - who worried about in fat times ?
Barack Hussein Messiah Obama : CHANGE - YES WE CAN. Most of the world, not only americans fell in extacy.
Voila, here it comes - CHANGE.
I know i'm a bit off-topic. But it's all that absurd.
Feb 21, 2011 at 11:07 AM | Unregistered Commenterwitok
DOJ and the SEC are a joke. No balls to bring cases. Why? Because they don't want to lose and look incompetent in the process. Harry Markopolous is right; SEC is over-lawyered, but now we know it is over-lawyered with cowards and incompetents.

Some brave US attorney must bring a case. Haul one or some of these crooks into Federal Court and see what these guys "have under their fingernails"...there was no criminal fraud anywhere? Most of the players are fiduciaries to somebody, which opens them to breach of their duties at the least, right?

And where is Treasury and The Fed here? Don't they have warehouses of info re: what happened before and during the bailouts? Don't they have an obligation to report to DOJ re: irregularities. Is there any cooperation between the agencies here? Do the the right hand know what the left is doing? WTF!!??
Feb 22, 2011 at 10:41 AM | Unregistered CommenterJosie
Jose,

It's not that they are incompetent, they knew all along what is taking place. They aren't stupid, look at history of how they got into power, look at who they represent, the history goes back a long ways all the way to Europe....

I always tell the people that there are two possibilities:

1) They don't know what they are doing
2) They know what they are doing and have a different agenda

Looking at history I have to come to the conclusion that they are all but clueless....


Jesse
http://www.wtffinance.com
Feb 22, 2011 at 11:25 AM | Unregistered CommenterJesse
Jesse-

I will not dispute that the DOJ and SEC have some folks who are not stupid. But, stupid and incompetent (and/or cowardice) are not the same. One word: Madoff. According to Markopolous, the SEC lawyers just did not understand finance and the financial modeling, which proved Madoff was a ponzi scheme...if, of course, Markopolous is wrong and the SEC lawyers knew, but did nothing due to their own "agenda," then the SEC (and maybe DOJ) needs to be burned and rebuilt...
Feb 22, 2011 at 4:27 PM | Unregistered CommenterJosie
@ Josie,

I think you assume that the agenda is to protect the public. I see Government as a legalized mob and the various entities are there for the benefit of the industries that lobbied or paid for them to be there to begin with. I don't see the SEC, FDA, etc. to be there to protect me, I see them as a entity that eliminates the competition of many companies that benefit from their presence. And they have done a great job at marketing to the point where people blindly trust a product or service because of the government's stamp of approval.

"needs to be burned and rebuilt..."

I agree and personally think that 99% of all government agencies need to be eliminated. People that even consider that those agencies need to be "rebuilt" obviously haven't learned the lessons of greed yet. Rebuilding them will just lead to more of the same.

People need to learn that Government is not the answer but the problem.
Feb 22, 2011 at 5:11 PM | Unregistered CommenterJesse
great link josie...so the top lawyer for the SEC is being sued by the madoff trustee...i wonder if he stymied any of the investigations to protect his family's account...
Feb 23, 2011 at 12:19 PM | Registered CommenterDailyBail

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