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This is lengthy and technical news article, but it looks like the big banks are in serious trouble. The US government and the Fed itself has filed suit against these big banks for their unlawful practices going back to the mortgage fiasco in 2007 and 2008.
FHA Files a $196 Billion Lawsuit Against 17 Banks
The Federal Housing Finance Agency (FHFA), as conservator for Fannie Mae and Freddie Mac (the Enterprises), today filed lawsuits against 17 financial institutions, certain of their officers and various unaffiliated lead underwriters. The suits allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed securities (PLS) to the Enterprises....
[Note: List of 17 banks being sued, including big banks from Scotland, France, and Japan]
These complaints were filed in federal or state court in New York or the federal court in Connecticut. The complaints seek damages and civil penalties under the Securities Act of 1933, similar in content to the complaint FHFA filed against UBS Americas, Inc. on July 27, 2011. In addition, each complaint seeks compensatory damages for negligent misrepresentation. Certain complaints also allege state securities law violations or common law fraud. [read full FHFA release]
You can read the suits filed against each individual bank here. For some more information read Bloomberg: BofA, JPMorgan Among 17 Banks Sued by U.S. for $196 Billion. Noticeably absent from the list of companies being sued is Wells Fargo.
And the suits just keep coming…
I suspect that this is a huge manifestation of the banker wars that I have written about for some years. The nature of that war is mostly legal, where the Kings of the East are demanding accountability from the Babylonian bankers of the West.
If that is the case, then it looks like they have won their case and have forced the government to bring the thieves to justice.
Interestingly enough, this lawsuit was dated Sept. 2, 2011 and marked "for immediate release."
I suppose 4 months later is immediate enough for them. Or perhaps they did not mean to include the public in this press release. Or maybe the press just did not report it earlier. Or maybe we just missed its release altogether.
Whatever the case, the news is now public, and it is just about as big as any world news headline that I have ever seen.
Ron's comment: "The Midianites (strife and contention) and the Amalekites are biting and devouring one another. Wonder where Gideon is hangin' out with his committee of three hundred."