And of course, he did nothing. Hell, I didn't even get a response.
And now, in part because of Chris Dodd, the world's financial system has imploded.
He could have listened.
He could have done something.
He could have stopped the fraud, the corruption and the gambling.
And he didn't.
Because he was on the take. He is corrupt, he is a pig, he should be investigated, and he should be arrested, along with Mozilo and the rest of his 'friends'.
But of course, that won't happen. Because your leaders are on the take, and the REIC is too powerful.
And now the world pays the price.
An open letter to Congress to call hearings on the corruption within the Real Estate Industrial Complex - please send to your Congressman
Dear Sir;
I am calling on you to initiate hearings in regards to the corruption prevalent within the Real Estate Industrial Complex. Many of these fraudulent and corrupt practices have led to the housing bubble, and now housing collapse. Initial points of investigation should include:
* Corrupt appraisers being paid off or promised future business in return for "making the numbers work"
* Mortgage brokers kicking back realtors when recommending their services
* Developers who gave money to bogus charities, who gave the money to new homebuyers to in order to purchase homes from those very developers
* Realtors steering clients to homes and developers where they were being paid bonus commissions or kickbacks, and not disclosing this to the buyer
* Rampant mortgage fraud, underwritten by firms who knew the applicant was unqualified, knowing that the loan was to be held by an unsuspecting third party or commoditized
* Deception practiced by the National Association of Realtors, promoting homeownership when they knew prices were declining and unsold inventory was skyrocketing
* Insider stock sale transactions by Bob Toll and others, dumping their shares at the peak while cheerleading their stock and prospects to the public, knowing the market was deteriorating, cancellations skyrocketing and their stock price and business model soon to decline
* Fannie Mae and Freddie Mac cooking the books and running out of control, imperiling the US financial system
* Congressmen taking outright bribes and campaign funding from the Real Estate Industrial Complex to "look the other way"
* The impact of misguided tax policy (cap gains tax exclusion for home sales) and policy ("ownership society" encouraging people who could not afford houses to buy at the peak) on the housing bubble
* The actions of the Fed and ultra-loose Fed policy in creating the bubble, including Greenspan's recommendation in front of Congress for people to get into ARM loans right before he began raising interest rates.
The population will be in full panic mode soon as the Housing Ponzi Scheme collapses. It is your duty to protect the American people from this ever happening again, by cleaning up the Real Estate Industrial Complex as you helped to with the corrupt Analyst / Investment Banking relationships, and corporate systemic fraud and deception during the dot-com bubble and bust.
Thank you
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8 comments:
I know S&A was supposed to be all positive and everything.
Unfortunately, our country has been run by schmucks like Dodd.
With guys like him running it, there will be (and should be) no end to the verbal bile that we need to expunge on a regular basis.
I don't think anybody anticipated the breach of the {strike}levees{/strike} bubble.
All criminals.....to a man.
The only way to remove the "rot" from this country at this point is a revolution to purge all existing government and financial criminals from their positions of power and control.
Why is the mainstream media (with the exception of Lou Dobbs) keep quiet about the slime surrounding Chris Dodd?!
That slimeball tried to run for president?!
Sometimes these kind of matters are best left to the share holders.
Sometimes the share holders need a little boost of reality to take actions now that banks are finally unloading a record number of foreclosures.
http://www.sfgate.com/cgi-bin
/article.cgi?f=/c/a/2008/11/20
/BUHT148R9Q.DTL&type=business
With banks unloading a record number of foreclosures, Bay Area home sales soared and the median price plummeted in October, according to a real estate report released Thursday.
Most of the action - and the bargains - were in areas where bank repossessions have become a fact of life.
Almost half of all existing homes sold were foreclosures. Their bargain-basement prices sent the Bay Area median tumbling 45 percent during the past year to $375,000, according to research firm MDA DataQuick of San Diego.
These treasonous villains should be not only arrested but symbolized in a way that will not soon be forgotten. America won't begin to recover until justice is served and memorialized. The traitors should be tried, the guilty executed on the National Plaza, and their bodies shredded. Fill the reflecting pool with fish and feed their flesh to the fish. Collect the fish and have a fish fry to feed the newly homeless. Then dig a big latrine, collect excrement from the recently-fed, bury it and erect atop it a granite monument that will forever serve as a warning to those seduced by greed and power.
Well, that's one idea.
Some of my favorite points:
"Insider stock sale transactions by Bob Toll and others"
"Fannie Mae and Freddie Mac cooking the books and running out of control"
"Rampant mortgage fraud"
The points in the letter are spot on. I'd be curious as to what he did with the letter.
If only we had all sent something like this, maybe Dodd would have done something. But how can he just completely ignore this?!!! I'm to blame because I didn't send out letters like I should.
And yes, Dodd should be jailed for total incompetence.
That's slightly off-topic, but the irony is killing me!
http://www.youtube.com/watch?v=R3CSbXtBLqM
Take a look at that video of Angelo Mozilo. "How can an Italian-American rise to this level legally?"
http://www.youtube.com/watch?v=Ei5OrV-CmHg
Paraphrase: No sane lender gave loans to these people, but we at Countrywide can fix them up with toxic loans including the business owner whose income was hard to document!
IT'S A SCAM! (touch any subject that relates to the crisis and you can be almost certain that there's a scam involved).
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