The Bishop and the Butterfly: Murder, Politics, and the End of the Jazz Age

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FHFA will sue Bank of America and other banks

By Oxy Mora on Fri, 09/02/2011 - 8:37am |

It is being reported that the Fannie and Freddie conservator known as FHFA will sue B of A and about 10 other banks for losses stemming from improper origination and servicing of loans. Goldman, JPM, Deutshe Bank and others are expected to be included. The FHFA has a deadline of next Tuesday to file the suits. The deadline is a statute of limitations provision in the formation of FHFA itself on Sept 7, 2008. FHFA was given six years to bring actions under Contract law and three years for tort claims.

FDIC files objection to B of A $8B settlement.

By Oxy Mora on Tue, 08/30/2011 - 12:28pm |

There is a tangled web of litigation against B of A/Countrywide which preceded the FDIC's decision to intervene in a $8.5B settlement between B of A and a group of 22 "investors" in MBS's securitized by Countrywide.

In February a group of investors (known as Walnut Place) in Countrywide MBSs (three MBS trusts) filed an action against BNY Mellon - who is the Trustee. The action is meant to force the Trustee to sue Countrywide to take back the non performing MBS's. The case was assigned to Judge Kapnick in the New York Supreme Court.

On June 29, an $8.5B Settlement between B of A /CW and 22 large investors, engineered by BNY Mellon, was announced; simultaneously BNY Mellon filed a petition with the NYSSC to approve the settlement. The 22 investors represent less than 51% of all the investors in the subject 530 trusts. The  petition was filed under Article 77 for the purpose of trying to make the settlement binding on all the investors in a total of 530 trusts, including those in the 3 trusts at issue in the  Walnut Place filing. BNYM requested Judge Kapnick to be assigned, under the premise that Walnut Place's prior filing re three trusts would be adjudicated under the overall $8.5B settlement for all 530 trusts.

Alan Krueger Appointment: It's about the public spectacle, stupid!

By Oxy Mora on Mon, 08/29/2011 - 12:56pm |

A few minutes ago Fox News announced an on-line survey: "Will the appointment of Alan Krueger make any difference at all?--the words in italics delivered by the blonde dim witted woman in the smarmy, sarcasm-dripping-monotone voice typical of Fox News.

Here is my response to Fox News. YES. But not for the reasons you think.

Buffet and the Bank of America Conundrum.

By Oxy Mora on Thu, 08/25/2011 - 12:38pm |

Buffet is swimming in more Bank of America cross currents than an ocean salmon fighting his way up the Rogue River to spawn.

Buffet's announcement today of a $5B investment in preferred shares of BOA is a monumental event in a raucous day on the stock market. Despite the gyrations today, partly on European news and party positioning for Bernanke's speech tomorrow, Buffet's actions should have near term favorable implications for BOA, bank stocks in general, the stock market in general, and as all boats are lifted and affluent consumers step up to the Christmas season, the re-election of Obama--and the pressures on Ben Bernanke.

republicans proffer a secular governor from New York State

By Oxy Mora on Tue, 08/23/2011 - 11:32am |

I use the word "secular" to differentiate between Christian Theocracy candidates such as Rick Perry and candidates who do not carry the cross of Jesus Christ around with them on the campaign trail.(I mean a very very large cross, the kind you need a bus to carry) 

And I mean Thomas E. Dewey, not George Pataki. But Pataki is going to Iowa and may be called to Christ in a corn field--which may erase even the faintest resemblance to Dewey.

Campaigning to win in 2012.

By Oxy Mora on Sat, 08/20/2011 - 7:29am |

Here are Oxy's 5 constructs for winning in 2012. Each construct has five steps. 1. Position 2. opponent's response. 3. Counter argument. 4. Opponents response (ignore it). 5. Clincher.

A1. Restore revenue at the top 2% income level.

       2. The rich create jobs. Kills jobs.

            3. Top earners create some jobs. But it's people who do the work.

Frank Luntz at the pearly gates.

By Oxy Mora on Thu, 08/18/2011 - 2:14pm |

Interview with St. Peter.

Let's see, it's "Luntz" with a "z", is that correct?

     Yes sir.

Under "occupational field" I have crossed out the "word" "wordsmithing" and substituted the "word" "word-murdering".

     Yes sir. I was going to ask you why I'm standing on a trap door. And isn't that a "lynchpin" there or do you call it a "linchpin"?

The ugly texan: can good republicans stomach Rick Perry?

By Oxy Mora on Tue, 08/16/2011 - 10:05am |

Rick Perry has just warned Federal Reserve chief Ben Bernanke not to come to Texas because "we would treat him pretty ugly".

Economics Professor Nouriel Roubini tweeted: "This Texas thug is making murder threats on the Fed Chairman."

I wonder what the good Republicans think of Perry's threat? It's an ugly threat. The 2012 election is only going to get worse. Will good Republicans, in the name of a 3% tax hike, help put Perry in the White House. Or will some of them say enough is enough!

Tom Friedman Behind the Curve Again

By Oxy Mora on Mon, 08/15/2011 - 9:33am |

...and that's the best thing one could say about Friedman's Sunday NYT article, "A theory of everything".

Matt Taibbi said it best when he described Friedman's writing as something akin to "turning a Chimpanzee loose in a NORAD control room".

obama has his ducks in a row for 2012

By Oxy Mora on Fri, 08/12/2011 - 9:23am |

Two days I wrote a blog about Obama's second chance to get it right. I especially highlighted some areas about the economy which might be very positive for Obama and which were possibly being overshadowed by doom and gloom. I am happy to report that I beat Joe LaVorgna of Deutsche Bank to the punch. He has just revised his 2011 GDP forecast up, to 4.5% for the year. Astoundingly enough, his forecast includes a year end unemployment rate of 7.8% instead of 8.8%.

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