The stakes could not be higher. Mnuchin’s ascension to the position of Secretary of the Treasury is literally installing a person who will merely respond to the direction of the Wall Street bankers and who will be largely unresponsive to whoever occupies the Oval Office. This is a terrible decision and the resistance to him being confirmed must be intense to have any effect.
Wall Street obvious wants to retain the gifts allowed and perpetuated by Washington politicians in all branches of government. Banks were able to claim ownership of loans in which they had no interest. They received direct payments from the US Treasury to “save” them (from losing their expectancy of further illicit profits). They received more than $3 Trillion from the Federal reserve who “purchased” nonexistent or worthless certificates issued by REMIC Trusts that never existed or owned anything. And of course they received trillions of dollars upon liquidation of homes that were foreclosed without any moral, ethical or legal right, justification or excuse.
Political decisions allowing laws to be broken, fraud on the courts, fraud on consumers, and fraud on the investors were made based not on whether there was a case against the banks, but whether “policy” decisions dictated what should happen to the banks. The wholesale slaughter of the lives of tens of millions of Americans was an acceptable sacrifice in the interest of a completely erroneous perception of national security.
Mnuchin is objectionable not only because he committed those illegal acts and fraud, but because he willingly performed those acts at the behest of Wall Street banks by claiming OneWest ownership of nonexistent or third party loan contracts and then foreclosing on them, producing a windfall for OneWest. If all those loans were actually owned by IndyMac, it would never have collapsed.
This is the same story as the giant Chase fraud where it claimed ownership (not just servicing rights) of hundreds of billions of dollars in loans that were known to be NOT in WAMU’s portfolio in a merger that cost Chase less than zero dollars after receiving a tax refund due WAMU. Do you really think that if Washington Mutual owned loan portfolios valued in the hundreds of billions of dollars that (a) WAMU would have gone bankrupt or (b) that the receiver would have allowed the sale of those assets for zero consideration?
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