Bankster agitprop

February 21, 2011 | By | 1 Reply More

ZeroHedge has earned a spot in my RSS feed.  A diverse group of mostly pseudonymous bloggers who consistently produce excellent financial reporting, many times breaking scandals and should-be scandals before the mainstream media.  They focus on the themes of intrigue in the world of high finance, corruption, politics, and the nexus where those areas intersect.

Over the past month or so, I’ve noticed an increasing amount of visual propaganda coming from ZeroHedge, and some of it is quite amusing.  For the latest entry, they lampoon the news that Angelo Mozilo (the bankster behind the collapse of Countrywide financial) is going scott-free.  Here’s some background on Mozilo, from the New York Times:

The conclusion by prosecutors that Mr. Mozilo, 72, did not engage in criminal conduct while directing Countrywide will likely fuel broad concerns that few high-level executives of financial companies are being held accountable for the actions that led to the financial crisis of 2008.

Hundreds of billions of dollars have been lost by investors while millions of borrowers have lost their homes. Few of the people who ran the institutions that contributed to the disaster have been found liable.

E-mails and other documents supplied to regulators in the S.E.C.’s case against Mr. Mozilo showed him discussing the company’s lending practices and describing some of its loans as “toxic” and “poison.” Nevertheless, the company kept selling the types of loans Mr. Mozilo was denigrating.

How could he be allowed to go without criminal charges?  Like so many others, by cultivating friends in high places– namely the Congress of the United States of America.  Representative Darell Issa is seeking to make public a list of members of Congress and their spouses who received “sweetheart” deals from Mozilo’s Countrywide.

“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.”

Countrywide had been the nation’s largest home loan originator before the housing market collapse. Many of its borrowers were left unable to repay mortgages that, in many cases, required no proof of income or a down payment. The company was purchased in 2008 by Bank of America, which has the records and received the subpoena.

Government employees and influential private citizens received better deals than most of the company’s borrowers. Those perceived as having the most influence were designated “Friends of Angelo” – those favored by Countrywide chief executive Angelo Mozilo.

With that background, please enjoy some of the latest anti-bankster agitprop, courtesy of williambanzai7 at Zero Hedge, click here for more:

If you enjoy williambanzai7’s work, check out his store here for more.

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Category: Communication, Current Events, law and order, Media, Social justice

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is a full-time wage slave and part-time philosopher, writing and living just outside Omaha with his lovely wife and two feline roommates.

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  1. Erich Vieth says:

    Brynn:

    Thanks for the link to ZeroHedge, but I don't know how much more reality I will be able to tolerate. I read a few ZeroHedge posts, including this one:

    Watching the House Budget Committee hearing was a surreal mix of fact and fantasy, but mostly fantasy. The fact was that our biggest problem, on a consumer, local, state, federal and global problem is debt.

    When businesses or individuals get in over their heads with unserviceable debt levels they make cuts and they borrow. When that fails and they are left taking in and borrowing less than their obligations – they declare bankruptcy, reorganize and move on.

    The two options I heard during the hearings?

    1. Default.

    2. Raise the debt ceiling and counterfeit, (print more money). Basically: Debt is the problem so lets add more debt?!?!

    What I didn’t hear mentioned was even more troubling. There are a million “millions” to a trillion. But the 14 trillion dollar public debt is an iota of our debt. Hidden off balance sheet we have 14.6 trillion in Social Security debt, 76.4 trillion in Medicare debt, 19.6 trillion in Prescription Drugs and about 3 trillion in GSE debt. We make Enron look honest. All toll our debt is roughly 128 trillion. Then we can add to that the state debt and local government debt.

    http://www.zerohedge.com/article/guest-post-prove

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