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In case you missed it, fourteen busloads of SEIU protest bank greed at a private residence. The Montgomery County police did not arrest them for trespassing. There's a complete lack of local reporting -- did anyone see any Washington Post article on this? That's what I find particularly striking about this story.
A 3/2/1 rambler in Warrenton fetches $415K -- a tidy sum.
Monday, May 24, 2010
Northern Virginia Bits Bucket 5/24/2010
Posted by Harriet at 6:00 AM
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20 comments:
http://franklymls.com/DC7063530
looks like it was bought for the 400's in 2007, went back on the market as a flip, foreclosed in 09,
and sat for almost a year
in the mid 200's, dropped to 214K
and sold for 221K
which is establishing move in clean
at the low 200's for a renovated property.
in that area.
if they had dropped the price they probably could have sold a year ago and cleared inventory.
Instead, it sat clogging up the pipeline.
BOA is sitting on trillions in bailout money and passing around enormous bonuses to their leeches.
If things get any worse, the rioters will be out with guillotines.
personally i'd let the shareholders guillotine any manager who loses more then a billion or $10% of the company assets in one year.
Pat-
I don't know that part of DC well, but I imagine that is really going to hurt a lot of people in that area who thought that the bubble didn't pop in their neighborhood. Most of the places you show are in bad condition so many people ignore the price. From the description and the couple of pictures it looks like this house was in pretty good shape.
"Intimidation was the whole point of this exercise, and it worked-even on the police. A trio of officers who belatedly answered our calls confessed a fear that arrests might "incite" these trespassers."
What a joke. Then bring the riot gear and reinforcements. They should have been arrested for trespassing. If these thugs got out of line, they should have been hit with pepper spray, tasers guns, and batons. If that's not enough, a 12-gauge would have calmed them down.
Harriet-
Thanks for posting the article. I find it amazing the cops did nothing. Novahog I agree it is inexcusable the cops didn't do anything.
Pat,
I believe in trial by jury. It's a Bill of Rights thing.
Harriet
I believe in Trial by Jury too, but,
not one of these chuckleheads will
ever face a trial.
Where is the justice in someone wrecking a trillion dollar company, demolishing the pensions of every employee and walking out the door with a bonus?
From Enron to Lehman to AIG, not one person has been held to account.
steal a candy bar from a bodega, go to jail.Steal a billion from a pension fund? Get to hang with the cool kids in Bermuda.
At some point, these people will flip out.
Pat-
Didn't the article say the guy was a lawyer. Shouldn't they be mad at the risk management guys not the lawyers. Either way BofA probably did more than any bank out there in trying to prevent a global meltdown. They easily could have backed out from the Merill deal and just let the system collapse, but the fed/treasury begged them to continue with the deal. So of companies to go after your other companies would have been much better targets...
Also what do you mean no one was held accountable in Enron. Both the CEO and COO basically got life sentences. Although one died of a heart attack shortly afterwards.
Pat,
I only see matching-shirt-wearing SEIU members terrorizing a bank lawyer's 14-year-old son. I don't see aggrieved shareholders, but perhaps you do know some in the crowd. So I'll give you the benefit of the doubt.
DISCLAIMER: I have a mortgage with Bank of America. They've always bent over backwards for me and have given me great service.
Wow the FHA did more loans in the first quarter than Freddie and Fannie combined!!!
<a href="http://www.businessweek.com/news/2010-05-24/fha-home-financing-volume-sign-of-very-sick-system-update2-.html> sign of a sick market </a>
http://franklymls.com/DC7284100
Down 52% from assessed
and I figure people making 7 figures stealing from the savers of America
deserve a little beating.
tell you what Harriet get me a bank charter, 23 trillion and unlimited access to treasuries and maybe i'll feel sympathy for these guys.
Pat-
First of all the vast majority of people including executives at the large banks had nothing to do with the collapse of the markets and global economy. So it is absurd to say that they should all be beaten. Second of all did you not even notice what the guys job was? He is a corporate lawyer do you really think it was his fault that bad lending practices at other banks almost caused the system to fail.
Blogger novahog said...
"Intimidation was the whole point of this exercise, ...."
What a joke.... If that's not enough, a 12-gauge would have calmed them down.,
Here here. When I say "get off my lawn" you aren't going to be asked twice. SEIU knows when it can get away with trespassing and when it can't.
Had that been my teenager in that home the results of trespass would have been decidedly different.
Folks who put up with that in D.C. will forever remain a mystery to me. Your right to protest ends where my lawn begins.
This guy was the AGC, that's pretty damned high up.
Now would I picket the guys house?
probably not, but, the guy was
one of the people working with
the other lawyers to put a stamp
of law on what was criminal conduct.
BofA had subsidiaries engaging in check cashing, BofA participated in Universal Default. BofA had subsidiaries selling subprime mortgages.
There were no good guys out there.
It's like saying there are good guys at BP, no, it's just the slip shod culture hasn't bit them in various places yet.
At the end of the Day, BofA was just another set of scumbags on wall street.
i interviewed over drinks the head of residential lending for BofA.
We talked extensively about SubPrime mortgages, and how he was going to have spend the next 2 years cutting that back and how much heat he would take because it was still a profitable line.
Every bank that took from TARP, TALF, MMCDLFP, TANF, etc engaged in
direct theft from me.
Ask Peter Schiff.
Would you say the same thing if this
was the Soprano residence being
picketed by SEIU?
Private property is private property. There are other people who live in the neighborhood. They deserve to live in peace and to have their children live free from fear. That's how it should be in civil society. I don't care if the Sopranos live next door. Their neighbors are not guilty by association.
I don't feel the anger bubbling up in me such that I think it's appropriate to joke about causing bodily injury or death to anyone, Pat.
Harriet:
I believe in a civil society.
Didn't our civil society used to allow bankruptcy and Cramdown?
Who changed it? The big bankers.
Didn't our Society used to have high marginal tax rates?
Who changed that?
What's the difference between Madoff and a Banker?
If that's not enough, a 12-gauge would have calmed them down.
I'd have fun with the sprinkler system, first.
I think once there is an angry mob on your lawn you are pretty much screwed. The sprinkler approach would likely leave you with destroyed property, and the 12ga could only be a last resort if they start coming inside the home, else you will face some serious legal trouble.
Basically calling the police is the only option that was left, and those police failed miserably in their response to the issue.
"Pat said...
I figure people making 7 figures stealing from the savers of America
deserve a little beating."
Pat, I once worked opposite one of these people. She was working for one of the big banks as their AGC.
She was one time presented with a pro-forma for a bunch of junky loans and asked her opinion. She noted that while if they worked, they could be profitable, they were nevertheless "highly risky" and in her opinon "not a good idea". They thanked her for her input and went ahead regardless.
FWIW, I got to meet her in person once. Despite her no-nonsense telephone demeanor, I was surprised to find her to be a charming diminutive litte older woman who doted on her family and gushed over her brand new grandson.
Still, she worked for one of the so called, "fat cat banksters" so I guess the SEIU come over to her house, and administer her "a little beating"?
CRT
I'm sure Himmler was a nice guy to his grandkids, also. Hell, i grew up in Chicago knew lots of mobsters.
They were all nice guys, bought me a lot of candy bars.
Now that i'm older, I also know they were parasites and crooks.
Maybe if you think your employer is commiting crimes, perhaps you should GTFO.
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