Harvard MBA graduate President George W. Bush sold his shares of Harken Energy, claiming gross ignorance of Harken's FRAUDULENT P/L statement, despite then First Son Bush's Harvard Business degree (in pre-Enron manner, Harken Oil. co. presented LOSSES as "PROFITS" by simply shifting them "OFF BALANCE SHEET" to a subsidiary, then President George H.W. Bush's son George W. Bush was a paid member of both Harken's Board of Directors, and Harken's AUDIT COMMITTEE);
and in 2001 President George W. Bush prefered taking his repeat Texas vacations to defending America against a well known threat from terrorist hijackers that long summer of 2001 (despite repeated warnings from intel, law enforcement, and his national security advisors)...
This year, so-called Harvard Law School graduate Barack Obama thinks that "the law" is whatever his Goddamn-Sachs, JP Morgan, and Jewish war lobby handlers tell him it is:
http://theautomaticearth.blogspot.com/2011/02/february-14-2011-short-story-of-how-we.htmlIn plain English, Mr. Obama's abject lack of respect for the law, his total DISREGARD for the PROPERTY RIGHTS of MILLIONS of Americans, over and above his toleration of wholesale, blatant, criminal fraud in mortgage originations, and over and above his toleration of titanic Wall Street criminal accounting fraud and wholesale bailouts larceny fraud, has made a complete mess of America's critical mortgage registration and real property title legitimacy over the past 2 years since Obama has been president - just another savage hammer-blow to the real estate market which was once the fountain of wealth for much of the American economy.
"MERS’s theory that it can act as a ‘common agent’ for undisclosed principals is NOT supported by the law," [U.S. Bankruptcy Judge Robert E. Grossman in Central Islip, New York] wrote in a Feb. 10 opinion. "MERS - DID NOT HAVE THE AUTHORITY, - as ‘nominee’ or agent, to assign the mortgage absent a showing that it was given specific written directions by its principal."
Merscorp was created in 1995 to improve servicing after county offices couldn’t deal with the flood of mortgage transfers, Karmela Lejarde, a spokeswoman for MERS, said in an interview last year. The company tracks servicing rights and ownership interests in mortgage loans on its electronic registry, allowing banks to buy and sell the loans without having to record the transfer with the county. It played a major role in Wall Street’s ability to quickly bundle mortgages together in securitized trusts.
"‘Don’t come around here no more,’ is basically the message to MERS," said April Charney, a senior attorney with Jacksonville Area Legal Aid in Jacksonville, Florida. "The judge basically deconstructed MERS and said there’s no possible way in any case you can come in and show you have this appropriate proper status to transfer the note."
Obama, at the behest of his Rubin, Summers, Emanuel, Bernstein, Schapiro, Gensler, "of, by, and for Goddamn-Sachs" gansters, is now rivalling Bush for sheer ignorance, corruption, and incompetence.
meanwhile, speaking of WHOLESALE FRAUD in fnancial markets:
JPMorgan Has Three Perfect Trading Quarters in 2010
NO fraud, insider trading, HFT high-frequency trading front-running of clients, POMO, bailouts, or "Quantitative Easing" free money there, what with Mr. Obama and Mr. Holder's expertise in enforcing U.S. legal & criminal code law, we can rest assured!