"How do you turn some janitor's 2-story row house into a Lear Jet.... It's the spot in line that earns you the Triple-A rating... it is the race-tracking of the real estate market,"said the now-veteran Rolling Stone Reporter before a packed house.
Video was not permitted of the main event, so I will need to check to see if I may publish a few stills I took after the event. Be that as it may, I did get some candid interviews with members of the audience, some of whom had watched Mortgage Movies online back when I lived on the East Coast. Their observations are priceless and will be aired tomorrow along with the rest of my notes and with any luck, one or two of the stills taken after his presentation.
When queried on the subject of the cities using Eminent Domain to force Principal Reductions Mr. Taibbi stopped short of being in agreement but did offer this:
"[The banks] were obligated to buy back fraudulent loans anyway... it is entirely appropriate to take the money back."His audience participation schtick explaining AAA, B-rated and Junk bonds was both entertaining and informative for many of the packed (200+) audience members, with most of his presentation focused on the financial models that were engineered to unsettle and demoralize the middle class. When I asked him what could be done about judges and U.S. Bankruptcy Trustees who too often fail to make banks follow the law on Standing, Real Party in Interest, Original Documents and proving up B10 BK claims spoke of judicial elections and hoped that U.S. Senators could help force the issue.... but when reminded about certain U.S. Senators like Kelly Ayotte, he said "Lawyers need to ban together."
Taibbi is right.... in a Perfect World. The problem is, as he and all of us know, we don't live in that Perfect World, and in banning together progressive lawyers are too often lining themselves up to take a hit from the corrupt element of the Judiciary, and so the cycle continues. Many of Seattle's Community Councilors are aware of the problem and raised it earlier this week as noted in a prior KingCast/Mortgage Movies journal entry and video.
Related: My first journal entry involving Matt Taibbi, and "10 Questions: America's Fraudclosure Crisis," my current feature length Mortgage Movie in the making, focusing on New Hampshire's Mortgage Crisis under then AG Kelly Ayotte, who allowed the largest consumer fraud in history, the FRM Ponzi scam. But with some of Goldman Sachs' and other stolen money (including Taxmasters ill-gotten $10K campaign contribution) she bought her way into the Senate just like most of her brethren.