The Rich Are Getting Richer

Turbo Boy
Geithner image from Lawrence Jackson/Associated Press

Timmy “Turbotax” Geithner came up, yet, with another plan. This plan is call TALF/PPiP/FDIC-Term Asset-Backed Securities Loan Facility/Program Protection Implementation Plan/Federal Deposit Insurance Corporation.

The Term Asset-Backed Securities Loan Facility (TALF) provides loans to investors who are interested in buying asset-backed securities (ABS). 

What PPiP means eludes me and we all have heard and know what the FDIC is. But what ever acronyms the government uses it is still C.R.A.P.

This plan will bestow billions of dollars to the same bankers who got rich on the mortgage bubble. 

Enter Stanford L. Kurland.

Stanford L. Kurland

Stanford L. Kurland was the Robber Baron president of America’s largest mortgage lender at Countrywide during its hay days. Kurland was part of the predatory lending practice of low introductor teasers.  Countrywide inflated mortgage portfolios from $62 billion to $463 billion.  Countrywide practiced fraud with thier hidden fees and deceit  like “no closing costs.”   Many of the loans had inflated income, at times without the borrower’s knowledge.

Last year before the housing market crashed, Kirland got out just in time to cash in $200 million worth of shares.

This Robber Baron and other’s just like him are the ones that helped take down America economically, morally and ethically.

My question is-Why isn’t this Robber Baron, Stanford L. Kurlank, sharing a cell with a guy named Bruno who’s only purpose left in life is to kick the ass of some greedy, rich guy until he complied with his wishes of “love, honor and obey?

Pfft!  As if.

 This rapacious cretin now has a firm called PennyMac. PennyMac is buying back those same toxic mortgages (that he help create) from the US government and ailing banks for pennies in the dollar. Kurland will be making millions all over again.

What does this all mean? It means that PennyMac will be buying delinquent home mortgages that the government took over so cheaply that it can offer attractive repayment terms to struggling homeowners. In turn Kurtland and the rest will be collecting the repayments and if the  house happens to go into foreclosure PennyMac, in turn, will get the house.  It will all go back to them with no “skin off their noses.”  They will already have made millions/billions?

“Turbotax” Tim plans on making Stanford Kurland and some of his Crew rich again. He seems to believe that these fat cat, elitist bankers should make money at any cost to our nation and it’s people.


One thought on “The Rich Are Getting Richer

  1. This truly is, “Change I can believe in.” I always thought that campaign phrase was defined as, “Business as usual.” I have becoming continually irritated (as you may have noticed in my blog) that people are still out there thinking he’s the greatest thing since Cold Stone Creamery.

    The only thing that has truly changed is that the politicians have realized most of us are stupid and they have become more bold.

    What do you expect from a person whose campaign phrase ends in a dangling preposition?

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