Thursday, December 30, 2010

Making Money Fast

First, there are things like money and energy.  Russia has both.  The EU is going broke.  The Kremlin could be thought of as a rich uncle once removed, a kind of orthodox Santa Claus.  The Russian economic model may be predicated on natural resources and larceny, but whatever the Russians are doing seems to be keeping Europe warm and working better than communitarianism.  Indeed, if Angela Merkel stops writing checks, Western Europe may fold like a cheap tent.  And Americans may not see black ink until sometime after they win a World Cup.  NATO should welcome Russia because all clubs should have at least one member solvent enough to pay for the electric bill and the adult beverages.

One of the most discouraging things about the last two years was seeing swing voters in focus groups, when asked what President Obama's economic strategy was, repeat different versions of "Well, I know he said we needed to save the banks. Beyond that, I'm not sure." When Obama in his first State of the Union gave a vigorous defense of bailing out the banks, saying he knew it about as popular as a root canal, and saying "I get it", it was very memorable to voters. But when his predictions about what would happen when the banks were stabilized -- they would start making loans to businesses, and businesses would start hiring -- didn't happen, and instead the banks gave themselves record breaking bonuses, voters turned on Obama fast. In exit polls on Nov. 2nd, when asked who was most to blame for the bad economy, voters by a wide margin said Wall St. was most to blame, and the voters who said that went Republican by a 14-point margin.



Obviously, saving the banks hasn't been the President's only economic strategy. The stimulus bill, while too small, was an important job creator/saver. Saving the American auto industry was an incredibly important thing to do. Health care reform was in part a long term economic strategy. The infrastructure bank idea is a great potential job creator. Extending unemployment insurance helps keep money in the economy. And all the tax cutting going on is clearly meant to have some stimulative effect, although how much is highly debatable.



However, there have certainly been times where Secretary Geithner, who has been the main driver of the economic strategy, seems to think and act as if helping the big banks and helping the economy amount to the same thing. The tepid reaction to the foreclosure crisis has sure felt that way -- apparently we can't freeze foreclosures or do much to help homeowners because it might "endanger" the banks. In fact, I would argue the exact opposite: that our number one economic strategy right now should be to shift money from the big banks to the real economy, to Main Street businesses and workers and consumers. The big banks are hoarding extraordinary amounts of money, and they are clearly not investing it in job creating businesses. They are speculating with it, they are trading with it, they are investing in complicated financial instruments that do nothing to create jobs- in fact, they are sucking capital out of the real economy that might actually create jobs. These massive financial conglomerates have way too much concentrated wealth and market power, and that is weakening the rest of the economy.



This is one reason why, as I wrote a couple of times last week, it is so important to write down the mortgages of homeowners who are underwater. Taking that money out of the bankers' hands and putting it in the hands of the hard pressed middle class would do more to stimulate the economy than any other thing the President could do right now. This is also why the Federal Reserve's new proposed rule, out last week, on swipe fees is so good. It would generally limit swipe fees to 12 cents per transaction. Right now the average is 44 cents, and with most small businesses it's quite a bit higher. If this rule is upheld, this is money that will go straight from the big banks' profit margins into the main street economy -- all told, probably a $15 billion boost going back to retailers, restaurant owners, taxi cab drivers, and hopefully consumers. $15 billion going from Wall Street, speculative economy into the real economy is a nice lift right now. This is why I have been working with retail business leaders and consumer groups to support this new regulation.



Unfortunately, not all Democrats see it this way. Tom Carper and Mark Warner tried to head off the amendment that made this regulation happen in the Senate, and have been lobbying the Federal Reserve against a strong regulation on the subject ever since they lost the legislative fight. And Barney Frank, who is a great liberal on social issues but spends way too much time with bank lobbyists, was whining on Friday how unfair the proposed rule was to the poor bankers.



Barney, you got this one wrong. Democrats should not be looking out for the bankers, we should be looking for every single opportunity we can to drain the Wall St. swamp. The big banks are hoarding money. They have way too much market power, and when their profits expand, they put that money into the speculative economy rather than the real economy that manufactures goods, sells products and services, and creates jobs. When we take a dollar away from them, and put it into the real economy, there is actually a multiplier effect as people on Main Street spend or invest the money in real products. When mortgages get written down, it helps the real economy. When swipe fees on credit or debit card transactions get lessened, it helps the real economy. If we instituted a transactions tax on every trade made on Wall St, and put that money into a jobs program, that would help the real economy.



The big banks are hoarding our money. Our best economic program right now is to shift money from the banks, and put it into the hands of consumers who might actually buy products and businesses who might actually hire more workers.







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Tuesday, December 28, 2010

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bench craft company scam

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bench craft company scam

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bench craft company scam

Fox Utterly Destroys Cable <b>News</b> Ratings Competition in 2010 <b>...</b>

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After struggling to adopt for years, one of music's most influential men is now a dad. Sir Elton John and his partner, David Furnish, now have a son, born to a surrogate in California on Christmas Day.


bench craft company scam

Fox Utterly Destroys Cable <b>News</b> Ratings Competition in 2010 <b>...</b>

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After struggling to adopt for years, one of music's most influential men is now a dad. Sir Elton John and his partner, David Furnish, now have a son, born to a surrogate in California on Christmas Day.


bench craft company scam

Fox Utterly Destroys Cable <b>News</b> Ratings Competition in 2010 <b>...</b>

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The actress and her Hollywood agent beau are "extremely happy," her rep tells Us exclusively.

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After struggling to adopt for years, one of music's most influential men is now a dad. Sir Elton John and his partner, David Furnish, now have a son, born to a surrogate in California on Christmas Day.


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Thursday, December 23, 2010

Whos Making Money

Wednesday Worries – Ireland “Fixed” – Who’s Next?


Courtesy of Phil at Phil's Stock World 


So many things are pissing me off today.  


I got my political outrage out of the way in my earlier post: "Thanks for the Gas Money, Mr. President," so we don't need to talk about that again. Ireland, as of 7:45, has not actually voted to accept the EU's deal, which will pull $20,000 per Irish family directly from national pension funds to pay for the speculative mistakes of Irish Banks.  Additionally, the Irish people are being asked to borrow another $75,000 per family from the EU at about 6% interest, also to pay for the speculative mistakes made by the Irish Banks.  While this may seem insane - it's only a drop in the bucket compared to what Americans are spending to bail out our own speculators so why shouldn't they join the club?  


At least Ireland gets to vote for their obligations, we have a Federal Reserve System where a single man, known as "The Bernank" is able to spend what is now heading towards $3.5Tn of OUR MONEY to bail out his banking buddies.  That's $31,818 per American family spent over two years IN ADDITION to the stuff I complained about Obama and our spineless Government spending in the last post.  


As I said, things are pissing me off today!  I should be in a better mood - we had a fabulous day trading in Member Chat yesterday.  In yesterday's post, I closed with "One last stab at making some bearish profits for us (see Morning Alert)" and you can click on that Alert, which was posted on Seeking Alpha and check out our trade ideas for the $10,000 to $50,000 Portfolio which included (at 7:22 am yesterday) QID Jan $10 calls, which opened at $1.80 and finished at $2 (up 11%), DIA Dec $114 puts, which opened at .80 and finished at $1.33 (up 66%), XRT Jan $44 puts, which opened at .35 and finished at .55 (up 57%), USO Jan $36 puts, which opened at .66 and finished at .90 (up 36%), PCLN weekly $400 puts, which opened at $.50 and finished at $1.40 (up 180%) and NFLX Jan $155 puts, which opened at $1.70 and finished at $2.30 (up 35%) but should look much better this morning, where we will exit.  


Of course I featured the idea to short NFLX last Thursday in the Morning Post (which you would get at 8:30 every morning in progress if you subscribed!) and we talked about shorting oil in the Weekend Post and I mentioned XRT last week as well so it's not like these are even our "super-secret" trade ideas - this is just the stuff that looked obvious enough to risk our small portfolio plays on (as you don't want to take too much risk in a small portfolio, even when it is aggressive like our virtual $10,000 Portfolio).  Once we got into Member Chat for the morning we went with more aggressive trade ideas like PCLN weekly $410 puts at $1.60, which finished the day at $4.20 (up 162%) and 6 other plays that we're not done with yet plus shorts on the oil futures at $90 that worked out very well.   


So why am I angry?  You can't really have a better day than we had yesterday.  Yesterday is the reason we have sat patiently (well kind of patiently) in cash for a month as we finally got an opportunity to commit to a whole bunch of very obvious trades, the most trade ideas I've had in a single day since early September, when we jumped on Uncle Ben's bullish bandwagon.   Sure we find things to trade every day but these are the opportunities we wait for.  I guess I'm pissed because we had to pull our December short plays off the table because the cartoon bears have warned us that they will be "Buying the F'ing Dips" and we know better than to argue with cartoon bears because it's simplistic little BS premises like that that rule this market.  Ah, that's why I'm angry!  


As I keep saying, I don't enjoy day trading - it's not satisfying but it's what we do while we wait for real investment opportunities to come along.  While it may be exciting to make 100% on a trade in a single day - it's small money and a tedious (and stressful) way to build up a portfolio.  I suppose at heart, I'm a long-term investing coupon-clipper but those kind of investors are being chewed up and spit out in this market and, while we found many, many things to buy earlier in the year, now we're down to one or two long-term opportunities a day while most of the rest of the market looks better as a short.


But you can't even stay short past the closing bell.  Even as I write this post our paranoia in taking the money and running (our usual strategy) on our quick gains is looking justified as the dollar is, as usual, being shoved off it's overnight highs (used to prop up the Nikkei in our famous "3am Trade") during the slower EU lunch break in order to now goose the US futures to give US markets the best possible open on the least possible amount of volume (ergo cost to the Gang of 12).  Despite debasement efforts by Obama and The Bernank yesterday, the dollar still rose back to 80.81 in overnight trading and that sent the Dow futures all the way down to 11,285 but don't despair - they've already been goosed back to 11,350 - just 5 points shy of yesterday's weak close.  


See, in a "normal" market we would have simply stayed short because clearly the momentum was down and the fundamentals indicate that all the efforts of Obama, The Bernank, the BOJ, the BOC, the ECB... are "too little, too late" to put the Humpty Dumpty global economy back together again.  Some of the fundamentals we're watching:  



  • German exports declined in October

  • Machinery orders fell in Japan for October.

  • Speculators are holding the largest commodity positions on record, up 13% from 2008 highs. 

  • Oil is in a GLUT, with demand off a cliff.   

  • Mortgage Applications are falling again

  • 15 US States face a $26.7Bn mid-year budget gap

  • The EU is passing tough banking regulations

  • Our Government is expanding the insider trading investigation

  • China is likely to hike interest rates.

  • Mortgage Bond yields have leaped to 6-month highs.

  • Italy's budget plan is forcing a "no-confidence" vote for Berlusconi

  • US Retailers are cutting earnings forecasts and sitting on big inventories.


These are just TODAY'S headlines and they all add up to RISK.  Lack of risk recognition by the markets was the primary reason I called for cash in early November.  We are approaching 2008 pre-crash market highs with many stock trading higher than they were then on LESS revenues than they had at the time.  Meanwhile, 10% of our population is unemployed, consumer credit is down by over $1,000,000,000 (15%), household wealth is down 20% and income is down while the CPI, even by BS Government measures, is up 5% since then, effectively giving those people who still have jobs 5% less to spend anyway.  


And when you consider that discretionary income is just 20% of income - if the 80% they HAVE to spend went up 5%, then that's 4% of discretionary income gone, which is 20% of discretionary income out the window - FOR THE PEOPLE WHO ARE STILL WORKING.  The other 10% have ZERO to spend and that's not good either.  All of this is being ignored as "investors" buy stocks on the hopes that they will expand sales internationally and keep cutting costs despite the same inflation the speculators are using to justify their very high valuations.  We're effectively writing off the US economy and placing all of our bullish eggs in the global basket - even though they have 20% unemployment "over there." - that's kind of nuts, don't you think?



I'm not even going to ask if the above 

chart (from Calculated Risk) disturbs you

. Clearly, from the results of the last election, it does not.  We are over 6M jobs away from recovery and we added less than 40,000 last month.  At least in Ireland, their population is shrinking, with 65,500 people (1.5%) abandoning the sinking ship as of April of this year.  That's less likely to happen in America as Mexico is not that attractive and Canada doesn't want us and most people can't afford to move anyway as they are upside down on their mortgages so we, as a people, sit and wait.  We sit and wait for something good to happen.  Any minute now...  Something good is bound to happen... NOW!   OK, maybe not now but really soon - something good has got to happen, right?  

 

That pretty much sums up our national policy - we don't actually do anything to create jobs but if we sprinkle enough magical fairy money on the rich, we're sure they'll start hiring people real soon!  Maybe as soon as they are done merging and acquiring smaller companies with all that money where they then create efficiencies by laying off 50,000 people a month (Challenger Job Cut Report) while more and more jobs are outsourced every day ($6Tn worth of jobs are currently outsourced).  And why not?  There are huge tax advantages to outsourcing US jobs - tax advantages that our President is perpetuating as he bends over and accepts the massive Republican tax cuts for the wealthy on behalf of the American people. 

 


Did I mention I was pissed?  Good, then moving along...  


So we kept our Jan shorts and didn't add any longs because we expect a bounce on the usual opening nonsense but I don't see enough dry powder left for the bulls to take us over that critical Dow 11,500 mark.  Meanwhile, CAT is way too high and they are a Dow component, as are XOM, CVX, IBM and MCD - all stocks that are major components in the price-weighted Dow and are more likely to pull back than move higher.  


EU money printing will not inflate our stocks - it may even boost the Buck and that would be bad for commodities, who had a pretty rough day yesterday (and we shorted a few).  I wish it were easier and I wish we could just say "CAT is overbought so we're going short" but the fundamentals of the stock are trumped by rumors of infinite Chinese demand and inflation expectations that somehow ignore the negative impact of rising steel prices and increasing borrowing costs on the company.  Of course the weak-dollar expectations have everyone moving into stocks, which are just another form of commodity to trade and, even as I write this, the dollar is being jammed back below 80.50 to goose the US open.  


At least we know how this game is rigged and we can have lots of fun betting the suckers never do find that red queen but what a shame that this is what the global economy has been reduced to - a shell game - and it's an empty shell at that! 









InDinero



Billed as the Mint.com for small businesses, InDinero launched in early July and is a real-time financial dashboard for companies. The Y Combinator-backed startup is led by 20-year-old Jessica Mah, who got the idea for InDinero while she was selling items on eBay in middle school.



"I had no idea how much money I was actually making," Mah told us in July. Mah, who is obviously some kind of super-genius, graduated from UC Berkley's computer science program this year at the age of 19 and promptly began putting the finishing touches on the Web app, which closely resembles Mint.com.



InDinero is free for up to 50 transactions per month, $29.95 for up to 500, and $99.95 for an unlimited number of monthly transactions.



Rapportive



Rapportive may not have been designed specifically for small businesses, but it sure makes life for pretty much any business owner easier. The Gmail plugin creates a widget that sits to the right of any open email message and culls data from the Web to tell you exactly who miscellaneousperson@whateverbusiness.com really is.

Depending on how readily available such details are, Rapportive will pull an avatar image, name, job title, recent tweets and links to any active social networking profiles the person may have. You can even connect with somebody on LinkedIn via Rapportive, without leaving Gmail.



Next page: No longer is there a barrier for even the smallest of businesses to begin accepting credit cards where ever they may be...








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Wednesday, December 8, 2010

foreclosure


If you thought robo signing was bad, you ain’t seen nothin’ yet.


The website 4ClosureFraud presents the gory details of a potential major new front in the foreclosure mess. A Pennsylvania foreclosure mill, Goldbeck McCafferty & McKeever, is accused by Patrick Loughren of allowing non-attorneys to file and prosecute foreclosures. A DailyFinance story gives the overview:


Two Pennsylvania cases, one state and one federal, have exposed new types of document problems in foreclosure cases. One of the cases has potentially transformative consequences for thousands of troubled Pennsylvania homeowners. At the center of each is the same law firm: Goldbeck McCafferty & McKeever (GMM)…


As long as a lawyer supervises foreclosure filings, and at least reads them before they’re submitted to the court, that is acceptable. But Loughren is suing because all three named partners of GMM, Joseph Goldbeck, Gary McCafferty and Michael McKeever, have admitted under oath — during depositions last September and in a separate case in December 2009 — that no attorney ever read the filings. The partners made clear that the practice has gone on for the past several years.


If Loughren prevails, this case will prove to be vastly more significant than robo-signing.


Robo signing, while a fraud on the court, does not necessarily invalidate the underlying legal action. Even a punitive judge is far more likely to take action against the lawyers involved in the robo signing or to reject the new corrected affidavits and require them to restart the foreclosure action afresh than dismiss the case with prejudice. Only if the affidavits or other documents were submitted in error would it inevitably disrupt the foreclosure, and in those cases, it OUGHT to present a problem to the party trying to foreclose.


The practice of law by non-lawyers is a far more serious matter. In Pennsylvania it is a crime. In the case against GMM and its apparently unsupervised paralegals, the plaintiff is seeking disgorgement of falsely billed “attorney’s fees”.


But even more important, the lack of attorney involvement would render the foreclosures void. Pennsylvania courts have found “proceedings commenced by persons unauthorized to practice law are a nullity”. Federal courts interpreting Pennsylvania law have supported this point of view.


If Loughren succeeds, the ramifications would be wideranging. For GMM foreclosures, it would cloud the title of the properties sold. The parties who lost their homes could seek recourse. It is unlikely they could reverse the foreclosures. As Bob Lawless noted at Credit Slips:


The law, however, strongly protects the finality of past foreclosure sales.


At first, these rules might seem unfair. Why should the law protect old court proceedings that have been tainted by mistake or, even worse, fraud? The answer, of course, is for the instrumental reason that a court system could not operate where every old judgment was open to attack. Losing parties will almost always feel the judge make a mistake or the opposing party misled the court through half-truths or outright lies. Before a court enters final judgment, procedural rules and court appeals are designed to maximize the possibility the truth will win out and to minimize the possibility of judicial error. The law imposes a very heavy burden on those seeking to attack final court judgments.


The same ideas strongly protect the finality of a court’s foreclosure judgment. The foreclosure judgment, however, is only an interim step to the ultimate disposition of the property at the foreclosure sale and the transfer of the deed. Now, third party rights will come into play, and the need for finality becomes even stronger. If foreclosure deeds were subject to attack, at worse we might have no bidders at the sale, and at best we would have drastically lower prices. Even if the successful purchaser at the foreclosure sale is the lender, it will be selling later to a third party, and we will have the same need for finality.


For these reasons, and not surprisingly, most every (or maybe even every–I’ll let someone else do the 50-state survey) state provides the strongest possible finality protections for deeds obtained through foreclosure sales.


But that does not mean the borrowers do not have other avenues. The logical targets are the foreclosure mills, and perhaps most important, the servicers and trustees. And per the lawsuit:


Plaintiff avers, on information and belief, that the “clients” of the non-lawyers – consisting of banks, loan servicers, REMIC trusts, and other creditors – are all aware that the non-lawyers are engaged in the unauthorized practice of law. The individuals employed at the entities (i.e., at the “clients”) all interact with the Non-Lawyer-Defendants on a day-to-day basis via e-mail and phone and they are aware that the Non-Lawyers are responsile for preparing, signing and filing these foreclosure cases and that the cases are being filed without attorney review.


Proving that the clients knew the paralegals were not supervised might be a stretch, but I suspect that the charge is accurate, particularly since as 4ClosureFraud points out, Bank of America was involved in a case where GMM staff admitted to the lack of attorney supervision and did nothing:


Loughren notes that in both cases involving the partners’ testimony about the practice, Bank of America (BAC) was the foreclosing bank. It was actually present during the December 2009 trial when the admissions were first made. Loughren points out that BofA’s representative at that trial, John Smith, is himself a lawyer, and so presumably understood the legal significance of GMM’s admission.


Other BofA employees surely learned about the practice too, given that the December case was an effort by the U.S. Bankruptcy Trustee to sanction both the bank and GMM for misconduct, and evidence submitted for it showed the involvement of “high-ranking” BofA people not normally involved in a foreclosure, such as its assistant general counsel.


So why is this such a big deal? Non-lawyers practicing law is impermissible in other states.


Most foreclosure mills are run on the same template: impossibly high staff to attorney ratios, 90 or 100 to every attorney. The ratios alone make meaningful supervision impossible. And this high leverage wasn’t due solely to partner greed. Some foreclosure mills, contrary to the laws of many states, had private equity funds as investors. And other foreclosure mills were keen to secure PE monies. So most industry incumbents had the same profile: an extraordinarily high staff to partner ratio, with standardized processes to maximize profits.


As a result, just as with the robo signers, it appears likely that documents were signed improperly. Matt Weidner has examples of signatures from an Ohio law firm by attorney Edward M. Kochalski that are so different that it is pretty implausible that one person signed them all. But here, the ramifications are far more serious.


The Loughren complaint looks solid and has detailed factual allegations.


Patrick J Loughren Complaint in Equity on Non-Attorneys Filing and Prosecuting Foreclosures


So where have the state bar associations been? It’s appalling that there have been no sanctions or disbarments over the robo signing scandal. We need to see some lawyers lose their licenses, or better yet, their freedom. Otherwise, it will be clear that the legal profession is siding with its meal tickets rather than the rule of law.


Foreclosure Deposition Clip

 

More examples from Matt Weidner’s Blog for a Florida perspective…

Attorney Signatures – The Next Fraud Battle Ground

The Florida Rules of Civil Procedures require that all pleadings filed in a case be signed by a licensed Florida attorney
I have started to examine files and am becoming increasingly
suspicious that this important rule is not being followed by the foreclosure mills.

I
am therefore starting to examine all my pleadings closely and I
encourage each of you to do the same.  Ultimately I would like to
build a database of these signatures to compare, so for those of you
out there that are spending time looking at court filings, please
start examining the signatures and making a cut and past document
similar to the one I attach below.

My first example of gross
irregularities in the signature of an attorney who makes filings in a
court case comes from Ohio.  The document was prepared by a reader
of this blog and it comes from an Ohio foreclosure mill attorney. 
Please look at the sheet. There really is no commentary necessary
regarding whether these were signed by the same person….

Given
what we know about the foreclosure mills and their operations
(particularly the offshore components of their practice) I cannot
imagine that they are following this rule. (I mean the violate every
other rule)

Foreclosure Fraud – Attorney Signatures – The Next Battle Ground

Foreclosure Fraud - Attorney Signatures - The Next Battle Ground

You can read more about Matt’s excellent work here…

Next up, Patrick J. Loughren’s Complaint in Equity

Patrick J. Loughren Complaint in Equity

Patrick J. Loughren Complaint in Equity

Far-Reaching Consequences

Loughren declined to talk with DailyFinance
(nor would he even give us the complaint, which is electronically
available from the court), and as of now, GMM hasn’t returned our calls
either. (We learned of the case from Walter Roche’s story in the Pittsburgh Tribune-Review.) But
Loughren’s complaint is so detailed, and the partners’ admissions so
damning, that if this case is decided on the merits, it’s hard to see
how Loughren could lose.

If Loughren does win, the consequences could be far-reaching: All
current foreclosure actions filed by GMM could be dismissed on the
grounds that lawsuits filed by nonlawyers are a “nullity,” meaning they
don’t count
. That’s hundreds, potentially thousands, of cases across Pennsylvania.

All completed foreclosures that were brought using this method could also be called into question for the same reason, and given that the practice has been going on for years, a Loughren win could throw into question the title to thousands of Pennsylvania properties. In addition, any homeowners who paid legal fees to the banks and GMM during their foreclosures could get that money back.

Bank of America Knew

Loughren notes that in both cases involving the partners’ testimony about the practice, Bank of America (BAC)
was the foreclosing bank. It was actually present during the December
2009 trial when the admissions were first made. Loughren points out
that BofA’s representative at that trial, John Smith, is himself a
lawyer, and so presumably understood the legal significance of GMM’s
admission.

Other BofA employees surely learned about the
practice too, given that the December case was an effort by the U.S.
Bankruptcy Trustee to sanction both the bank and GMM for misconduct,
and evidence submitted for it showed the involvement of “high-ranking”
BofA people not normally involved in a foreclosure, such as its
assistant general counsel.

Although the practice of having
nonlawyers file suit wasn’t at issue in that case, learning of it upset
U.S. Bankruptcy Court Judge Thomas Agresti so much he wrote in his
Oct. 5, 2010 order:


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Rupert Murdoch may have printer's ink flowing through his veins, as is often said of the News Corp. chairman, but for his No. 2, president and COO Chase Carey, newspapers are more like an albatross around the neck.

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Rupert Murdoch may have printer's ink flowing through his veins, as is often said of the News Corp. chairman, but for his No. 2, president and COO Chase Carey, newspapers are more like an albatross around the neck.

Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

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Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

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Tuesday, December 7, 2010

Making Money Now


Unsurprisingly, the Android 2.1 Nook Color has been rooted, less than two weeks after it hit the market.


We’re hardly surprised at this news (the root was accomplished by XDA) – it was inevitable. The root probably isn’t perfect and will get better/easier over time for sure, but that’s the not really the interesting part.  The real question now is about the Nook Color arises: is it an eReader or a tablet?


With the e-ink WiFi-only third generation Kindle being sold by Amazon for $139, and the tablet leader the iPad at $499 for the cheapest model, the $249 price tag of the Nook Color must be making a number of people pause when deciding on what to buy. With the device now rooted, it could become an even harder task to make this decision, as essentially you’re getting a quality-built touch device (according to nearly all reviews) at half the price of the iPad and $350 less than the also-Android Galaxy Tab (no including the data plan of course).


Of course, now that it’s rooted, it’ll only be a matter of time before Android 2.2 builds appear (it should have the hardware to handle it) making it all the more attractive. However, the Nook Color does have some drawbacks if you want to use it as a dedicated Android tablet (i.e. reading won’t be your primary use). The most glaring problem is a lack of a camera, which of course also afflicts the iPad.  Also, battery life is a bit of an issue, as it’s only about half as good as the iPad with WiFi running.


On the other hand, the thing is just $249, is light and is attractively built. So if you don’t yet own a Kindle (or perhaps you do, but don’t want to spend the money on an iPad) this could be a great compromise between the heavier Apple device and the black and white Kindle.





Now I know not every player in the league is making as much as Tom Brady or Peyton Manning. Most not even close actually. So I wanted to layout what certain players are making now and use the formula the NFL Union laid out to them and said to save their last three game checks for the possibility of a lockout next season.


As per PFT (Pro Football Talk) here is a breakdown of NFL minimum salaries for the 2010 season. 


Rookies - $320,000
1 Season - $395,000
2 Seasons - $470,000
3 Seasons - $545,000
4-6 Seasons - $630,000
7-9 Seasons - $755,000
10 or more Seasons - 855,000 


So let’s take a rookie at a salary of $320,000 as an example and divide it by 17 weeks (NFL season/year minus playoffs). That comes out to be $18,823 per week in those 17 weeks.  The letter was said to have stated to save your last three game checks to help you through a "non income time". So three game checks would roughly be around $56,469 for a rookie. 


Now, according to the US Census Bureau, the overall median personal income for all individuals over the age of 18 was $25,149 (and $32,140 for those ages 25 or above). These are individual stats not for families.


And yes I know you are not "suppose" to compare what the so called average person makes towards what a professional athlete makes. But no one is twisting these guys’ arms to buy $500,000 homes, have five cars and take tens of thousands of dollar vacations each year. They are complaining they are not going to have enough money to live on because they are not going to be making their entire salary for at least a year due to a lockout.


Give me a break.


It is hard for me to have sympathy for a guy that plays a game for 17 weeks of the year. And yes I know they train in the off-season too but the point is still they only play for 17 weeks during a season and make the sort of money they do. Then turn around and complain about it when they are told to save three game checks in case of a lock out.


Especially when a rookie making the league minimum makes pretty much double what the average American makes in one year in three weeks.  It cannot be that hard to not go out and buy a new car or a new watch with diamonds all over it so you can be financial secure if there happens to be a work stoppage.


This is what normal people have to do to make ends meet. If you have bills to pay, you don’t go out and drop money in a night club or buy another car, no. You save your money so you can have a place to live or food to eat.


If it is “that” hard for them, they are in far more serious trouble than financially.


The bottom line for me is that they are more people sacrificing a heck of allot more for our protection like our military members that are not making anywhere near as much as these guys. Not to mention this is entertainment, NOT life or death.


Some will argue that their job puts more stress on their bodies or they get injured more so they need more money due to their jobs being more dangerous than mine. Or taking away a football player’s health care is just wrong as their jobs are so rough.


To me this is one of the dumbest arguments out there. I don't see fireman or police officers making six figure salaries and they put their lives on the line every time they go to work in something far more dangerous than being on a football field for 60 minutes a week. Their job is for our protection and freedom so we can go watch some guys play a game for hundreds of thousands or even millions of dollars on Sundays.


If NFL players cannot survive on what is usually twice as much as the normal person makes in a year (based on a rookie’s salary) I actually think they have bigger issues than just the NFL lockout. They are most likely going to be broke before they are done playing in the NFL.


In this case however, both the players and owners have been so greedy for so long they both come off looking bad. As well as they should to me. Both parties have made more money in a few months or years than most of us will ever see in a life time.


So NFL players and owners, if you are looking for sympathy or compassion from some of us, you are looking in the wrong direction.








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Vice President Biden heads to Capitol Hill today to lobby Senate Democrats to support the tax cut compromise, as President Obama faces criticism from congressional Democrats that he should have fought more for the Bush tax cuts on the ...

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Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...



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Vice President Biden heads to Capitol Hill today to lobby Senate Democrats to support the tax cut compromise, as President Obama faces criticism from congressional Democrats that he should have fought more for the Bush tax cuts on the ...

This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>

Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...



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Unsurprisingly, the Android 2.1 Nook Color has been rooted, less than two weeks after it hit the market.


We’re hardly surprised at this news (the root was accomplished by XDA) – it was inevitable. The root probably isn’t perfect and will get better/easier over time for sure, but that’s the not really the interesting part.  The real question now is about the Nook Color arises: is it an eReader or a tablet?


With the e-ink WiFi-only third generation Kindle being sold by Amazon for $139, and the tablet leader the iPad at $499 for the cheapest model, the $249 price tag of the Nook Color must be making a number of people pause when deciding on what to buy. With the device now rooted, it could become an even harder task to make this decision, as essentially you’re getting a quality-built touch device (according to nearly all reviews) at half the price of the iPad and $350 less than the also-Android Galaxy Tab (no including the data plan of course).


Of course, now that it’s rooted, it’ll only be a matter of time before Android 2.2 builds appear (it should have the hardware to handle it) making it all the more attractive. However, the Nook Color does have some drawbacks if you want to use it as a dedicated Android tablet (i.e. reading won’t be your primary use). The most glaring problem is a lack of a camera, which of course also afflicts the iPad.  Also, battery life is a bit of an issue, as it’s only about half as good as the iPad with WiFi running.


On the other hand, the thing is just $249, is light and is attractively built. So if you don’t yet own a Kindle (or perhaps you do, but don’t want to spend the money on an iPad) this could be a great compromise between the heavier Apple device and the black and white Kindle.





Now I know not every player in the league is making as much as Tom Brady or Peyton Manning. Most not even close actually. So I wanted to layout what certain players are making now and use the formula the NFL Union laid out to them and said to save their last three game checks for the possibility of a lockout next season.


As per PFT (Pro Football Talk) here is a breakdown of NFL minimum salaries for the 2010 season. 


Rookies - $320,000
1 Season - $395,000
2 Seasons - $470,000
3 Seasons - $545,000
4-6 Seasons - $630,000
7-9 Seasons - $755,000
10 or more Seasons - 855,000 


So let’s take a rookie at a salary of $320,000 as an example and divide it by 17 weeks (NFL season/year minus playoffs). That comes out to be $18,823 per week in those 17 weeks.  The letter was said to have stated to save your last three game checks to help you through a "non income time". So three game checks would roughly be around $56,469 for a rookie. 


Now, according to the US Census Bureau, the overall median personal income for all individuals over the age of 18 was $25,149 (and $32,140 for those ages 25 or above). These are individual stats not for families.


And yes I know you are not "suppose" to compare what the so called average person makes towards what a professional athlete makes. But no one is twisting these guys’ arms to buy $500,000 homes, have five cars and take tens of thousands of dollar vacations each year. They are complaining they are not going to have enough money to live on because they are not going to be making their entire salary for at least a year due to a lockout.


Give me a break.


It is hard for me to have sympathy for a guy that plays a game for 17 weeks of the year. And yes I know they train in the off-season too but the point is still they only play for 17 weeks during a season and make the sort of money they do. Then turn around and complain about it when they are told to save three game checks in case of a lock out.


Especially when a rookie making the league minimum makes pretty much double what the average American makes in one year in three weeks.  It cannot be that hard to not go out and buy a new car or a new watch with diamonds all over it so you can be financial secure if there happens to be a work stoppage.


This is what normal people have to do to make ends meet. If you have bills to pay, you don’t go out and drop money in a night club or buy another car, no. You save your money so you can have a place to live or food to eat.


If it is “that” hard for them, they are in far more serious trouble than financially.


The bottom line for me is that they are more people sacrificing a heck of allot more for our protection like our military members that are not making anywhere near as much as these guys. Not to mention this is entertainment, NOT life or death.


Some will argue that their job puts more stress on their bodies or they get injured more so they need more money due to their jobs being more dangerous than mine. Or taking away a football player’s health care is just wrong as their jobs are so rough.


To me this is one of the dumbest arguments out there. I don't see fireman or police officers making six figure salaries and they put their lives on the line every time they go to work in something far more dangerous than being on a football field for 60 minutes a week. Their job is for our protection and freedom so we can go watch some guys play a game for hundreds of thousands or even millions of dollars on Sundays.


If NFL players cannot survive on what is usually twice as much as the normal person makes in a year (based on a rookie’s salary) I actually think they have bigger issues than just the NFL lockout. They are most likely going to be broke before they are done playing in the NFL.


In this case however, both the players and owners have been so greedy for so long they both come off looking bad. As well as they should to me. Both parties have made more money in a few months or years than most of us will ever see in a life time.


So NFL players and owners, if you are looking for sympathy or compassion from some of us, you are looking in the wrong direction.








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AMERICAblog <b>News</b>: Krugman thinks tax deal is bad for Obama&#39;s <b>...</b>

News and opinion about US politics from a liberal perspective.

Senior White House Official: &#39;We Wanted a Fight,&#39; too <b>...</b>

Vice President Biden heads to Capitol Hill today to lobby Senate Democrats to support the tax cut compromise, as President Obama faces criticism from congressional Democrats that he should have fought more for the Bush tax cuts on the ...

This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>

Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...



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AMERICAblog <b>News</b>: Krugman thinks tax deal is bad for Obama&#39;s <b>...</b>

News and opinion about US politics from a liberal perspective.

Senior White House Official: &#39;We Wanted a Fight,&#39; too <b>...</b>

Vice President Biden heads to Capitol Hill today to lobby Senate Democrats to support the tax cut compromise, as President Obama faces criticism from congressional Democrats that he should have fought more for the Bush tax cuts on the ...

This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>

Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...



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AMERICAblog <b>News</b>: Krugman thinks tax deal is bad for Obama&#39;s <b>...</b>

News and opinion about US politics from a liberal perspective.

Senior White House Official: &#39;We Wanted a Fight,&#39; too <b>...</b>

Vice President Biden heads to Capitol Hill today to lobby Senate Democrats to support the tax cut compromise, as President Obama faces criticism from congressional Democrats that he should have fought more for the Bush tax cuts on the ...

This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>

Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...



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AMERICAblog <b>News</b>: Krugman thinks tax deal is bad for Obama&#39;s <b>...</b>

News and opinion about US politics from a liberal perspective.

Senior White House Official: &#39;We Wanted a Fight,&#39; too <b>...</b>

Vice President Biden heads to Capitol Hill today to lobby Senate Democrats to support the tax cut compromise, as President Obama faces criticism from congressional Democrats that he should have fought more for the Bush tax cuts on the ...

This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>

Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...



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AMERICAblog <b>News</b>: Krugman thinks tax deal is bad for Obama&#39;s <b>...</b>

News and opinion about US politics from a liberal perspective.

Senior White House Official: &#39;We Wanted a Fight,&#39; too <b>...</b>

Vice President Biden heads to Capitol Hill today to lobby Senate Democrats to support the tax cut compromise, as President Obama faces criticism from congressional Democrats that he should have fought more for the Bush tax cuts on the ...

This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>

Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...



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AMERICAblog <b>News</b>: Krugman thinks tax deal is bad for Obama&#39;s <b>...</b>

News and opinion about US politics from a liberal perspective.

Senior White House Official: &#39;We Wanted a Fight,&#39; too <b>...</b>

Vice President Biden heads to Capitol Hill today to lobby Senate Democrats to support the tax cut compromise, as President Obama faces criticism from congressional Democrats that he should have fought more for the Bush tax cuts on the ...

This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>

Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...



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Unsurprisingly, the Android 2.1 Nook Color has been rooted, less than two weeks after it hit the market.


We’re hardly surprised at this news (the root was accomplished by XDA) – it was inevitable. The root probably isn’t perfect and will get better/easier over time for sure, but that’s the not really the interesting part.  The real question now is about the Nook Color arises: is it an eReader or a tablet?


With the e-ink WiFi-only third generation Kindle being sold by Amazon for $139, and the tablet leader the iPad at $499 for the cheapest model, the $249 price tag of the Nook Color must be making a number of people pause when deciding on what to buy. With the device now rooted, it could become an even harder task to make this decision, as essentially you’re getting a quality-built touch device (according to nearly all reviews) at half the price of the iPad and $350 less than the also-Android Galaxy Tab (no including the data plan of course).


Of course, now that it’s rooted, it’ll only be a matter of time before Android 2.2 builds appear (it should have the hardware to handle it) making it all the more attractive. However, the Nook Color does have some drawbacks if you want to use it as a dedicated Android tablet (i.e. reading won’t be your primary use). The most glaring problem is a lack of a camera, which of course also afflicts the iPad.  Also, battery life is a bit of an issue, as it’s only about half as good as the iPad with WiFi running.


On the other hand, the thing is just $249, is light and is attractively built. So if you don’t yet own a Kindle (or perhaps you do, but don’t want to spend the money on an iPad) this could be a great compromise between the heavier Apple device and the black and white Kindle.





Now I know not every player in the league is making as much as Tom Brady or Peyton Manning. Most not even close actually. So I wanted to layout what certain players are making now and use the formula the NFL Union laid out to them and said to save their last three game checks for the possibility of a lockout next season.


As per PFT (Pro Football Talk) here is a breakdown of NFL minimum salaries for the 2010 season. 


Rookies - $320,000
1 Season - $395,000
2 Seasons - $470,000
3 Seasons - $545,000
4-6 Seasons - $630,000
7-9 Seasons - $755,000
10 or more Seasons - 855,000 


So let’s take a rookie at a salary of $320,000 as an example and divide it by 17 weeks (NFL season/year minus playoffs). That comes out to be $18,823 per week in those 17 weeks.  The letter was said to have stated to save your last three game checks to help you through a "non income time". So three game checks would roughly be around $56,469 for a rookie. 


Now, according to the US Census Bureau, the overall median personal income for all individuals over the age of 18 was $25,149 (and $32,140 for those ages 25 or above). These are individual stats not for families.


And yes I know you are not "suppose" to compare what the so called average person makes towards what a professional athlete makes. But no one is twisting these guys’ arms to buy $500,000 homes, have five cars and take tens of thousands of dollar vacations each year. They are complaining they are not going to have enough money to live on because they are not going to be making their entire salary for at least a year due to a lockout.


Give me a break.


It is hard for me to have sympathy for a guy that plays a game for 17 weeks of the year. And yes I know they train in the off-season too but the point is still they only play for 17 weeks during a season and make the sort of money they do. Then turn around and complain about it when they are told to save three game checks in case of a lock out.


Especially when a rookie making the league minimum makes pretty much double what the average American makes in one year in three weeks.  It cannot be that hard to not go out and buy a new car or a new watch with diamonds all over it so you can be financial secure if there happens to be a work stoppage.


This is what normal people have to do to make ends meet. If you have bills to pay, you don’t go out and drop money in a night club or buy another car, no. You save your money so you can have a place to live or food to eat.


If it is “that” hard for them, they are in far more serious trouble than financially.


The bottom line for me is that they are more people sacrificing a heck of allot more for our protection like our military members that are not making anywhere near as much as these guys. Not to mention this is entertainment, NOT life or death.


Some will argue that their job puts more stress on their bodies or they get injured more so they need more money due to their jobs being more dangerous than mine. Or taking away a football player’s health care is just wrong as their jobs are so rough.


To me this is one of the dumbest arguments out there. I don't see fireman or police officers making six figure salaries and they put their lives on the line every time they go to work in something far more dangerous than being on a football field for 60 minutes a week. Their job is for our protection and freedom so we can go watch some guys play a game for hundreds of thousands or even millions of dollars on Sundays.


If NFL players cannot survive on what is usually twice as much as the normal person makes in a year (based on a rookie’s salary) I actually think they have bigger issues than just the NFL lockout. They are most likely going to be broke before they are done playing in the NFL.


In this case however, both the players and owners have been so greedy for so long they both come off looking bad. As well as they should to me. Both parties have made more money in a few months or years than most of us will ever see in a life time.


So NFL players and owners, if you are looking for sympathy or compassion from some of us, you are looking in the wrong direction.








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AMERICAblog <b>News</b>: Krugman thinks tax deal is bad for Obama&#39;s <b>...</b>

News and opinion about US politics from a liberal perspective.

Senior White House Official: &#39;We Wanted a Fight,&#39; too <b>...</b>

Vice President Biden heads to Capitol Hill today to lobby Senate Democrats to support the tax cut compromise, as President Obama faces criticism from congressional Democrats that he should have fought more for the Bush tax cuts on the ...

This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>

Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...



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AMERICAblog <b>News</b>: Krugman thinks tax deal is bad for Obama&#39;s <b>...</b>

News and opinion about US politics from a liberal perspective.

Senior White House Official: &#39;We Wanted a Fight,&#39; too <b>...</b>

Vice President Biden heads to Capitol Hill today to lobby Senate Democrats to support the tax cut compromise, as President Obama faces criticism from congressional Democrats that he should have fought more for the Bush tax cuts on the ...

This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>

Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...



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AMERICAblog <b>News</b>: Krugman thinks tax deal is bad for Obama&#39;s <b>...</b>

News and opinion about US politics from a liberal perspective.

Senior White House Official: &#39;We Wanted a Fight,&#39; too <b>...</b>

Vice President Biden heads to Capitol Hill today to lobby Senate Democrats to support the tax cut compromise, as President Obama faces criticism from congressional Democrats that he should have fought more for the Bush tax cuts on the ...

This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>

Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...



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