FRAUD -- We know from Brooksley Born’s experience that fraud is O.K. with top U.S. financial regulators. Likewise, it is O.K. with local federal magistrate judge Paul Papak. Only a citizen’s jury says “NO” to financial fraud.
Prophet and Loss --
Brooksley Born warned that unchecked trading in the credit market could lead to disaster, but power brokers in Washington ignored her. Now we're all paying the price.
SHORTLY AFTER she was named to head the Commodity Futures Trading Commission in 1996, Brooksley E. Born was invited to lunch by Federal Reserve chairman Alan Greenspan.
The influential Greenspan was an ardent proponent of unfettered markets. Born was a powerful Washington lawyer with a track record for activist causes. Over lunch, in his private dining room at the stately headquarters of the Fed in Washington, Greenspan probed their differences.
“Well, Brooksley, I guess you and I will never agree about fraud,” Born, in a recent interview, remembers Greenspan saying.
“What is there not to agree on?” Born says she replied.
“Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud,” she recalls. Greenspan, Born says, believed the market would take care of itself.
For the incoming regulator, the meeting was a wake-up call. “That underscored to me how absolutist Alan was in his opposition to any regulation,” she said in the interview reported by Rick Schmitt of Stanford Magazine.
THEIR PROFIT AND OUR LOSS --
In significant litigation in California, from 1999 to 2003, the Federal Trade Commission and some gritty lawyers were poised to put a twist in the tail of First Alliance Mortgage Company (FAMCO) and Lehman Brothers. Any pointy headed pol or Chair of the Federal Reserve (Brenneke) can hardly say, with a pointy-headed straight face, that they didn’t know. In 2003, a California jury, after a two month trial, held FAMCO and Lehman brothers guilty of fraud and awarded the plaintiffs 50.9 million dollars in a class action suit. (This is the same sort of lawsuit that would now be barred by the U.S. Supreme Court’s recent decision requiring arbitration instead of a class action.)
RIGHT HERE IN PORTLAND, OREGON
In February, 2011, Bank of America’s lawyers looked Oregon Federal Magistrate Judge Paul Papak in the eye and said:
“Gee, your honor, sir, Gee.....well, it is sorta like this......” “Remember that promissory note we gave you last year with B of A's name on it??” “Well, Gee, we really didn’t mean THAT one was the true, original.” “Yes, I know, I TOLD you that was a true copy of the original promissory note WITH BANK OF AMERICA’S name on it.”
“But, I LIED to you, Magistrate Judge Papak.” “That was NOT a true and correct copy of the ORIGINAL.” “This one is......”, a nervous Lake Oswego, lawyer Ian Kyle meekly told Magistrate Judge Paul Papak. The only problem is THE TRUE ORIGINAL copy of the true promissory note DOES NOT have Bank of America’s name on it.
Now, one would think that Magistrate Judge Paul Papak would look at Bank of America’s young lawyer, Ian Kyle, with such fierceness, with such a look of disgust, with such revulsion that an esteemed member of the Oregon State Bar would LIE to a Magistrate Judge about whose name was truly on the REAL debt document filed in his court.
Ah, but such a day, a day much like when Mighty Casey Struck Out, did not visit young B of A lawyer Ian Kyle that day. Or any other day. Indeed, Magistrate Judge Paul Papak has uttered nary a word to Bank of American lawyer, Mr. Kyle, nor the Oregon State Bar about this FRAUD on the court or any other. You see in our courts, merchants get a special chance. A special dance. A special pass. In the Mark O. Hatfield Federal Courthouse (built in 1996) in Case No.# 1065 PK (PK stands for Magistrate Judge Paul Papak--it is his case, Magistrate Judge Paul Papak’s case. It is also Natache’s case. And all is mute.
You see, imperial wizard Alan Greenspan said to Brooksley Born, in financial matters, fraud is O.K. by him. Greenspan was the boss of all things financial in the U.S. just then. And fraud by Bank of America is O.K. by Magistrate Judge Paul Papak in Natache’s case. But, not to that jury of just plain everyday folks in California; on a fine day in 2003, when regular people said financial fraud was NOT O.K. with them. Just plain everyday citizens who know right from wrong.
C Lauren Paulson 2011 971 219 5859
3980 SW 170th Ave, firstname.lastname@example.org
Aloha, OR, 97007
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