Implementation of Obamacare

These cases are more involved than they seem. For example, Countrywide's Angelo Mozilo escaped criminal prosecution when the Department of Justice dropped its criminal investigation following his settlement of securities fraud and insider trading charges brought by the Securities and Exchange Commission for $67.5 million. The settlement, a portion of which was paid by Countrywide pursuant to an indemnification agreement with Mozilo, was still the largest individual penalty on record. And, although the settlement allowed Mozilo to get off the hook, the Justice Department nevertheless filed suit last August against Bank of America for $850 million for losses in connection with mortgage-backed securities sold by Countrywide. (Bank of America acquired Countrywide in 2008 for $4.1 million; which was likely the worst deal in banking history, considering that the bank has suffered over $50 million in losses to date due to its acquisition of the troubled mortgage lender.)
 
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Richard Savage said:
These cases are more involved than they seem. For example, Countrywide's Angelo Mozilo escaped criminal prosecution when the Department of Justice dropped its criminal investigation following his settlement of securities fraud and insider trading charges brought by the Securities and Exchange Commission for $67.5 million. The settlement, a portion of which was paid by Countrywide pursuant to an indemnification agreement with Mozilo, was still the largest individual penalty on record. And, although the settlement allowed Mozilo to get off the hook, the Justice Department nevertheless filed suit last August against Bank of America for $850 million for losses in connection with mortgage-backed securities sold by Countrywide. (Bank of America acquired Countrywide in 2008 for $4.1 million; which was likely the worst deal in banking history, considering that the bank has suffered over $50 million in losses to date due to its acquisition of the troubled mortgage lender.)
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You are stuck...like an old vinyl record skipping over and over...in condemning big business, which certainly deserves much condemnation, but the real and much larger culprit resides in Washington DC. Why do you fail to see this?
 
Another ObamaCare ‘Glitch’: $30B blown on non-operational medical record system

The rollout of ObamaCare has been plagued by problems these past two weeks, as thousands complained they couldn’t sign up for coverage due to a deeply defective website.

But this process could have been easier if a nine-year, government-backed effort to set up a system of electronic medical records had gotten off the ground. Instead of setting up their medical ID for the first time, would-be customers would have their records already on file.
 
In December 2007, I attended a dinner party hosted by Bank of America to promote the bank’s renewed partnership with Epiq Systems providing management and automated accounting programs for fidiciary accounts. I spoke with (then) CEO Ken Lewis of Bank of America about the proposed acquisition of Countrywide Financial, which had not yet been announced to the public. (At that time, BofA was heavily into fiduciary banking services that required a very high cash collateralization; and there was concern that the Countrywide deal would create an "impairment of capital" situation for the bank due to the large portfolio of at risk loans subject to "repurchase agreements" for securitized mortgages that had been traded by Countrywide on the financial markets.) Lewis was all for the deal (the bank was acquiring Countrywide at a "fire sale" price, and the bank already had a substantial equity position); however this was questionable considering just the losses already posted by the lender that would have to be absorbed. As it turned out, the acquisition of Countrywide was a big mistake resulting in huge losses in settlements with state and federal government agencies. Consequently, BofA was forced to downsize, closing hundreds of branches, cutting thousands of jobs, and eliminating many departments, including fiduciary banking services, which terminated October 2012.

None of this would have happened if the government had exercised proper oversight.
 
Banks should not be allowed to speculate on the financial markets with immunity. The banks lobbied Congress to immunize trading in derivatives, which was codified in the provisions of the Bankruptcy Abuse Prevention and Consumer Protection act of 2005. This set the stage in the marketing of securitized mortgages traded as debt securities on the financial markets, which precipitated the economic crisis and necessitating the government bailout. The reason why the Congress should repeal the "safe harbor" provisions for derivatives is that, unlike their parent holding companies (e.g., Washington Mutual, Inc. vs. Washington Mutual Bank), banks are ineligible for bankruptcy reorganization. 11 U.S.C. § 109(b)(2). An insolvent bank gets taken over by the FDIC, which puts the risk of loss on the government, and, ultimately, the taxpayer. The exemption for derivative contracts acts like a government subsidy that favors big banks at greater risk and higher potential for consequential damage and loss. The question is whether this is a good thing. It is not, as the financial crisis and bailout attest, as well as the recent losses sustained by J.P. Morgan Chase, and the bankruptcy case of MF Global Funding. There needs to be a clear dividing line between banking that is federally insured, and market trading that is not. (This was the purpose of the Volcker Rule against proprietary trading by banking entities.) Banks should be in the business of lending and not gambling on the stock market.
 
Lt. Gov. Dewhurst Says President Obama Should Be Impeached

FORT WORTH (CBS 11 NEWS) – A surprising statement from one of Texas’ top leaders: President Obama should be impeached. This came from Texas Lt. Governor David Dewhurst, who is running for re-election and appeared at a Tea Party candidates forum.

Dewhurst warned that freedoms are being trampled on, and so the President should be impeached. Later he fleshed out his thoughts for the Texas Observer’s Christopher Hooks. “I think this President, Barack Obama, has disregarded federal law. He has tried to do things which are not authorized under federal law. Things he’s disregarded such as immigration. He’s not, not following our federal drug laws. And he has created winners and losers in Obamacare where he has no authority,” according to Dewhurst, who pointed out the extensions given to unions and big businesses.
 
Blogger on Far-Left Website Thought He ‘Could Go Along’ With Obamacare – Now He Can’t Believe What’s Happening to His Health Insurance

As the realities of Obamacare continue to sink in, more and more people are getting letters from their health insurance providers telling them that their plans no longer comply with federal requirements under Obamacare. We just brought you the story of “Trick Shot Titus” and his family facing significant increases in the cost of their health care plans.

Now, a community blogger on the far-left Daily Kos website has penned a blog post complaining that both he and his wife are facing a nearly 100 percent increase in their monthly premiums. He claims he is canceling his insurance and refuses to pay any “f***ing penalty.”
 
Former Senator Phil Gramm once said: "Never take a hostage you’re not prepared to shoot." In taking the government hostage, however, the Republicans are holding the gun to their heads.
 
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Richard Savage said:
Former Senator Phil Gramm once said: "Never take a hostage you’re not prepared to shoot." In taking the government hostage, however, the Republicans are holding the gun to their heads.
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So ...... now the regime's refusal the even hear any terms from the Republicans means the Republicans are holding the gun to their heads .......

Sheeples ..... Go Figure!
 

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