Beware of the Toxic Zombie Dirt Dealers the Bankster Swindling Scammers


The Great Texas Bank Job

a blast from the past

Panic in Paradise

Vickers’ book, which calls for ending the secrecy of bank-examination records, placed the blame for the 1926 bank panics, which accompanied the crash of the real estate market, not on skittish depositors who wanted to clean out their bank accounts and stuff their cash into their mattresses, but on fraud and insider abuse by bankers, developers and real estate promoters. They often were one and the same, Vickers’ research showed, or sat on each other’s boards of directors. Loans to these insiders often exceeded the banks’ reserves and frequently were not paid back.

Fraud Caused the 1930s Depression and the Current ……

Oct 30, 2010 · Moreover, the Glass Steagall Act was passed because of the fraudulent use of normal bank deposits for speculative invesments. … This was fraud, …

The Biggest Bank Heist in History – Swiss America

The biggest bank heist in history began on December 16, 2008 amidst the uncertainty and fear of the worst financial crisis since the Great Depression.

Texas KING of Bank Looting and Land Fraud on Vimeo › Witham Judson › Videos
Apr 16, 2015 – Uploaded by Witham Judson

COLONIAS are KING in the Vast World of Land Swindles and BANK LOOTINGS in Texas …… ASK THE …

Zombie Failed Toxic Subprime Land Swindles and Bank Frauds …

Apr 27, 2015 – Dear FBI / DOJ ……. For many many many TRILLIONS of reasons …… The US and State Governments are COMPLETELY PAID OFF …… Campaign Contributions BOUGHT THE SYSTEM ……. …

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Panic in the LoopChicago’s Banking Crisis of 1932

Front Cover
“Relying on a broad array of records used together for the first time, Panic in the Loop reveals widespread fraud and insider abuse by bankers–and the complicity of corrupt politicians–that caused the Chicago banking debacle of 1932. It provides a fresh interpretation of the role played by bankers who turned the nation’s financial crisis of the early 1930s into the decade-long Great Depression. It also calls for the abolition of secrecy that still permeates the bank regulatory system, which would have prevented the Enron fiasco and the financial meltdown of 2008. This book focuses on the recurrent failures of the financial system–the savings and loan crisis of the 1980s, the Enron debacle of the early 2000s, and finally the financial collapse of 2008. Because of regulatory secrecy, knowing what happened in Chicago in 1932 is critical to understanding the glaring problems in the regulation of American finance, in particular the lack of transparency, the abuse of financial institutions by insiders, and the capture of public institutions by insiders going through the revolving door between the private and public sectors. Eight decades later little has changed. The regulatory failures of the 1930s–especially the pervasive system of secrecy that allowed the fraud and insider abuse to flourish–were repeated during the collapse of 2008. Transparency would strike at the alliance between the executives of financial institutions and public officials, who caused the worst economic upheaval since the Great Depression”–Provided by publisher.

Earlier Savings and Loan financial frauds upon the American public …

Aug 29, 2014 – I had considerable real estate at that time, including motels, hotels, truck stops, golf courses, apartments, and land, and knew the financial frauds that ….. Among the CIA-related savings and loans listed in these books as being part of the looting but not identified as CIA proprietaries were Silverado Bank …

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The Postal, Consumer, Wire and Bank Fraud associated with this Debacle  is MASSIVE

(Seems as Though Texas is Not Alone, found this today 2/25,1999  JW)

The Great Bank Thievery

The city and state say the Bank of America stole hundreds of millions — even billions — of dollars from the government. But didn’t San Francisco finance officials know what was going on? And shouldn’t B of A executives be under criminal investigation?

Wednesday, Dec 31 1997


This spring, San Francisco City Attorney Louise Renne held a press conference to announce the city had joined a lawsuit that accuses the Bank of America of cheating California governments out of hundreds of millions — and perhaps billions — of dollars. The most succinct explanation of BofA’s supposed wrongdoing is contained in court papers the city filed several months later.”The Bank’s acts,” city attorneys wrote, “can be likened to an accountant who commingles his own money with client funds and then loses control of the client’s records. The accountant deals with the problem by shredding the client’s bills, canceled checks, and check registers. The accountant then waits to see if the client notices. If the client doesn’t, then the accountant keeps all of the money. If the client complains, the accountant demands the client prove how much is owed.”

The lawsuit the city joined does indeed allege a truly astonishing pattern of utterly brazen thievery. In the suit, a former Bank of America executive, the city, the state, and more than 200 other jurisdictions have come together to accuse the largest bank in California — and one of the state’s major political power centers — of 274 paragraphs full of fraud, theft, and conspiracy, as well as the willful destruction of evidence detailing that fraud, theft, and conspiracy. If it gets to trial and if the bank loses, the suit could seriously affect — perhaps even bankrupt — BankAmerica, the holding company that owns BofA.

The state, for its part, claims BofA should repay California governments somewhere between $1 billion and $3 billion. And the law under which the suit was filed allows for a tripling of damages.

But the lawsuit’s ramifications stretch beyond the civil courthouse and involve more than the financial health of a major bank. As the litigation against Bank of America proceeds, a mountain of bank and government paperwork is coming into the public domain as evidence in the case. That paperwork is making three things increasingly clear:

If the civil violations alleged against Bank of America are true, they probably also constitute the largest criminal conspiracy in California history.

No one appears to be making any attempt to hold the bank, its officers, or its directors criminally accountable for what are alleged to have been huge, repeated, and intentional embezzlements of public funds.

And for years city financial officials either knew or should have known that the Bank of America was improperly taking large amounts of money that belonged to San Francisco taxpayers — and those officials did absolutely nothing about it.

Educated in economics and philosophy at San Diego State University during the Vietnam War, Patrick Stull took a job at the Bank of America in 1978. He had just escaped the “conservative” clutches of Ross Perot’s Electronic Database Systems Inc. Stull thought the folks at San Francisco’s BofA were much hipper than Perot. “I was a good BofA employee,” says Stull, now 50.

An expert in cash management, Stull soon became a vice president and in the late 1980s was assigned to help “clean up” BofA’s Corporate Trust Division in San Francisco. Among other things, the trust division handled the municipal bond accounts of many of California’s local governments, including the city of San Francisco. In general terms, the division took care of the details of municipal borrowing, making sure principal and interest payments went to the institutions and people who bought bonds sold by local governments to finance roads, sewers, airports, and other capital projects.

If the tasks were routine, the amounts of money were not. A river of some $100 billion in public bond funds streamed through the trust division between the late 1970s and the early 1990s, court records say.

Late in the last decade, the bank was converting from an antiquated data-entry record-keeping system to Bondmaster, a computer program that tracks payments made by the bank on behalf of municipal bond issuers. “The place was a total disaster,” Stull recalls. “There was no organization, no controls; posters of unclad women adorned the walls.”

Although aware generally of problems with the handling of bond accounts, Stull says, his role in the trust division make-over did not bring him into contact with anything that he considered unethical or illegal. He left the bank suddenly in 1990 when a severe family health problem compelled him to rethink his life. (He requested that the details of that problem not be revealed.)

Stull set up a consulting firm, The Municipal Group, and began advising municipalities on cash management. In that role, he began encountering Bank of America, one of the state’s main depositories for government funds. Over time, Stull says, he discovered that BofA was overcharging these cities for trustee services and investing public money entrusted to it in improper ways — such as in the bank’s own money market funds, a placement that raises conflict-of-interest questions. Stull also realized that BofA was holding onto public money it was not entitled to keep.

Stull advised the cities of Anaheim and San Jose and other clients to try to recover BofA overcharges. San Jose did sue, but settled for relative peanuts in 1994, releasing the bank from further claims in return for $260,500.

What Stull was discovering as a consultant disgusted him. At a 1994 social function, he spoke with Jeff Newman, a partner in the San Francisco law firm of Farella Braun & Martel, LLP. Stull described some of the BofA improprieties he had encountered as a consultant. Subsequently, FB&M took on Stull as a client, and in April 1995 filed, on his behalf, the biggest whistle-blower lawsuit in California history.

Stull’s lawsuit was filed under California’s whistle-blower law, which allows people who learn of wrongdoing that costs the government money to sue and, if they win, to keep a percentage of the recovered money. Stull wants 13 percent of any judgment entered in the Bank of America case, which could bring him and his lawyers tens or even hundreds of millions of dollars.

When it was filed on April 3, 1995, the lawsuit was sealed from public view by law; it was, however, distributed to city attorneys across California. The whistle-blower law requires the state attorney general to investigate allegations of false claims made against the public purse. If significant evidence that the government has been defrauded exists, the attorney general may elect to join a whistle-blower lawsuit and assume the lead in the prosecution.

The California Attorney General’s Office mounted a “forensic” investigation, and for two years, Deputy Attorney General Brian Taugher (pronounced “tower”) led a team of 12 California Department of Finance auditors through 400 million pages of BofA records. Stull vs. Bank of America finally saw the light of day in May 1997, when it was officially joined by the state of California, the city of San Francisco, and hundreds of California towns and cities.

As a result of the attorney general’s investigation, the city and the state added numerous charges to Stull, including the accusation that “since Bank of America knew that it had failed to keep accurate records … the Bank’s policies amounted to theft of public funds.”

Before 1986, most municipal bonds sold in America were “bearer” bonds; that is, the bonds were personally held by their owners and were negotiable instruments. They were as good as cash for whoever physically possessed them. The bond certificates themselves, often issued in $5,000 denominations, had coupons attached to them. Twice a year, a bondholder would “clip” a coupon on his bond and send it to the bond trustee — for example, the Bank of America — for payment of the interest due on the bond. At the end of a bond’s term, usually 20 years, the bondholder would present the bearer bond to the trustee and receive its original principal value, e.g., $5,000.

Sometimes, however, bondholders would forget to submit interest coupons. Occasionally, they might lose the bond itself, or die before cashing it in, leaving heirs unaware of its existence or location. In these ways, the bond trustee would wind up holding unclaimed funds originally dedicated to paying off bond issues.

Even after a bond’s retirement (or “call”) date had come and gone, however, the trustee had obligations. State law required the trustee to maintain enough cash in the bond account to pay bondholders who showed up late to claim principal or interest payments. If there were any unclaimed funds three years after a bond’s expiration date, they were, by law, to be returned — or, in financial jargon, escheated — to the government.

When BofA converted to the Bondmaster program for tracking bond payments, bank documents show, it discovered that there was often less cash in the bond accounts than was needed to pay off active bond issues. There was also not enough cash to pay off bondholders who came in late with “called” bond certificates. And this was no small problem; by 1992, the accounts were out of balance by $7.7 billion. At that point, it seems, BofA should have been obligated to put the entire $7.7 billion back into the accounts. Instead, the attorney general has charged, much of the bond money was used as a “giant slush fund” and was posted to the bank’s ledgers as income to “increase” BankAmerica’s profits.

Court papers filed in the Stull whistle-blower lawsuit claim that BofA electronically purged line items in its accounting books that showed the existence of unpaid bond funds. Wiping out evidence of this unclaimed money — a process known as “force-balancing” — saved BofA from having to return hundreds of millions, perhaps billions, of dollars to state and local governments, the suit claims.

The few bondholders who came in late for their money were paid. But the remainder of the unpaid money was not returned to state and local governments; it was kept by BofA, court records allege.

The $7.7 billion “reconciliation variance” did not please the bank’s auditors. Starting in 1988, Ernst & Young dinged BofA with three “unsatisfactory” audit ratings in a row, in an industry where one unsatisfactory rating can be grounds for CEO departure. Court exhibits in Stull show that BankAmerica’s board of directors should have been aware of what was going on. The bank’s attitude, however, was summarized in a handwritten notation on an internal memo that acknowledged escheatment problems. A BofA official counseled: “Let sleeping dogs lie.”

Despite the warnings from its accountants, court papers suggest, BofA continued to juggle bond accounts until it sold its Corporate Trust Division to Minneapolis-based First Bank System Inc. four months after Stull blew his whistle.

BofA and Security Pacific Bank — purchased by BankAmerica in 1992 — acted as trustees for the vast majority of bonded debt issued by California’s civic institutions over the last two decades. Consequently, the California attorney general says, the Bank of America could owe the people of California as much as $3 billion — that is, 3 percent of the $100 billion in bond funds entrusted to BofA and Security Pacific from 1978 to 1993.

The governments that have joined the Stull civil lawsuit allege that Bank of America failed to return unclaimed bond money, charged excessive fees for services, illicitly invested public money in its own deals, and deliberately destroyed the bank records that documented these events. These charges are being made in civil court; if the bank loses the suit, the punishment would come in the form of a monetary judgment. And that punishment could be severe. The whistle-blower law allows the tripling of damages, meaning that a $9 billion total judgment, although unlikely, is not impossible.

But the civil law violations alleged in Stull are mirrored in the California Penal Code. In criminal terms, the offenses might be termed felony theft, submittal of false claims to the government, the intentional embezzlement of public funds, and conspiracy to commit the aforementioned crimes.

And the civil law violations alleged against BofA also have civil and criminal counterparts in federal banking and securities laws.

The task force the attorney general assigned to investigate Stull’s claims has stated for the record that at least some of BofA’s actions constitute the theft of public funds. As Patrick J. Mahoney, the deputy city attorney tasked with San Francisco’s prosecution of BofA, recently wrote, “At the heart of this case is the charge that one of the nation’s leading banks has wrongfully taken the public’s money for a long time.”

Yet the government attorneys in the Stull case resolutely duck the question of whether criminal charges might be filed against Bank of America or its officers and directors. The catchword seems to be “prosecutorial discretion”; that is, the authority a prosecutor has to decide whether civil, criminal, or no legal action best serves the ends of justice.

When asked about the possibility of a criminal probe, Deputy Attorney General Brian Taugher said that “certain of the bank’s transactions” could open the bank to “criminal liability.” Taugher said, however, it is harder to prove intent to defraud “beyond a reasonable doubt,” as required in a criminal case, than to meet the lesser standard of guilt for a civil court judgment, which is based on “a preponderance of the evidence.”

Although Stull filed his lawsuit some 30 months ago, City Attorney Louise Renne has yet to refer the case to District Attorney Terence Hallinan for review. (In a recent interview, Hallinan said he would “look into it” without giving any specific indication about how deep or long a look his office might give to the many and complicated offenses BofA is alleged to have committed.)

The Federal Reserve office in San Francisco declined to reveal whether an investigation has been or would be conducted. Neither the U.S. attorney nor the Securities and Exchange Commission responded to telephone inquiries.

There are many possible explanations for the apparent lack of criminal investigation of what would probably, if proven, constitute the largest white-collar theft in California history.

First, criminal inquiry could be proceeding, but in secret.
Then again, prosecutors could just be slow off the mark, and will eventually mount a serious criminal investigation.

Or the city attorney, district attorney, California attorney general, and U.S. attorney could all find, within their own judgment and discretion, that the violations alleged against BofA are best remedied in civil court, and that a criminal action would be expensive and difficult to win.

But there are other possible explanations — less savory explanations — for the lack of criminal prosecution of those responsible for the alleged theft of public funds described in Stull. It is a simple fact that the Bank of America has long been deeply entwined in the elite circles where California business and politics meet. (A minor but instructive example: Kathleen Brown, who served as state treasurer during the first half of the 1990s, is now a senior executive vice president with BofA. Brown is in charge of assisting “high-net-worth and emerging wealth clients in Southern California,” according to a BofA press release.)

Criminal action against the bank or its leaders could be fraught with political risk. At the very least, prosecuting the Bank of America in criminal court would be politically embarrassing.

Such a prosecution would be embarrassing because, if BofA did everything it is alleged to have done, records now in the public domain show that the governments claiming to have been cheated by the bank knew — or certainly should have known — that they were being cheated.

In other words, if a prosecutor seeks indictment of BofA or its officials, that prosecutor might have a difficult time not looking very closely at officials in the government who appear to have signed off on, or ignored, the bank’s alleged offenses.

Nestled inside 10 linear feet of San Francisco Superior Court filings, BofA corporate reports seem to tell a torrid tale of unbounded greed. They appear to show that BofA engaged in the systematic, calculated theft of public funds. Each charge in the constantly evolving lawsuit is backed by records selected from a Mount Everest of paper produced by the bank.

The vital question now before the court is: How much does the Bank of America owe to state and local governments? BofA admits it failed to escheat some unclaimed bond funds and inadvertently invoiced some fee overcharges to those governments. The bank says that these “discrepancies” were caused by “computer programming errors.”

A few weeks after Stull’s April 1995 filing, BofA began escheating small amounts of money to the state and returning small amounts of excess fee charges to local jurisdictions. To date, the bank has coughed up $48 million. But it has refused to make further payments and declines to reveal how it arrived at its $48 million figure.

BankAmerica says the plaintiffs are welcome to calculate how much they think they might be owed. To help them out, the bank has offered to produce documents that would, if lined up end to end, stretch for 100,000 miles. According to court records, Stull’s original handful of evidence has already expanded to 600 million pages of documents.

“This is a classic defense strategy,” Deputy City Attorney Mahoney says. “Drown the plaintiffs in meaningless documents and abdicate any responsibility for reviewing the records. … The bank would like to prevent the public from knowing how badly it abused its trust. … [BofA] knew it was stealing from the public.”

The plaintiffs in the Stull lawsuit say that the bank cannot — in reality — calculate how much it owes them, because the bank systematically destroyed vital “paying agent” records. Every time the bank’s auditors uncovered an “error,” say the plaintiffs, the bank vaporized the trail of accounting records related to that “error.”

In short, Stull claims, the bank hid its illegal transactions from municipal officials.

But BofA has a different story. BofA blames publicly elected treasurers, statewide, for not being able to document exactly how much the bank owes. The bank claims that the treasurers were supposed to bill the bank for unclaimed bond funds. Furthermore, insists BofA, public officials signed off on the very fee and investment transactions that now are being questioned.

Court exhibits and records obtained from the San Francisco city treasurer’s office support many BofA claims. Those records show that San Francisco’s treasurer received daily, monthly, and annual reports from BofA. Trust account operations were broken down to small details, and periodically summarized.

Three boxes of BofA invoices and trustee reports show that the city treasurer’s office approved at least some of the types of transactions that the city attorney is now holding up as proof of massive theft. For example, Stull alleges that exorbitant billings for “miscellaneous” trustee fees were often false BofA claims. Yet BofA invoices with lump-sum $90,000 fees labeled as “miscellaneous” were routinely OK’d by the San Francisco Treasurer’s Office.

Court pleadings filed in Stull allege that BofA regularly billed for interest payments on bonds that had expired. BofA invoices show that the San Francisco Treasurer’s Office made these types of payments without complaint.

City Treasurer Mary Callanan and City Controller Edward Harrington declined to comment on these issues. On the other hand, the city’s independent auditors, KPMG Peat Marwick, LLP, have not been silent. Peat Marwick has been telling San Francisco’s treasurer and controller to clean up their acts for a decade — to no avail. Like BofA, the treasurer and controller have blamed their problems on “computers.”

And they have certainly had problems.
On March 30, 1997, Peat Marwick released an audit that damned the city’s internal financial controls. City officials responded with silence.

“Historically,” the auditors wrote, “the Treasurer’s Office and the Controller’s Office have experienced difficulty in preparing the monthly and year-end bank reconciliations and developing the information required for financial disclosure.” The auditors reported that the city’s general accounting ledger does not balance, and that the treasurer and controller are not accurately tracking billions in city bond and investment funds.

In 1995, an internal audit released by City Controller Harrington criticized Callanan for “failing to review and monitor [the city’s] relationship with BofA.”

In June 1997, Bank of America attorneys happily agreed. “Had the responsible San Francisco city officials reviewed monthly accounting statements prepared by the Bank,” they wrote, “the Bank’s investment in money market mutual funds would have been readily apparent to these officials.”

And those “excessive” fees, the attorneys declared with some hint of sarcasm, were approved, too. “Issuers received monthly accounting statements which showed the exact amount of the fee,” a BofA court filing says. “The Bank urges City Attorneys to check with their City Treasurer. We believe these officials were fully aware [of the content of] the fees being charged.”

One BofA lawyer, Matthew L. Larrabee, put it more elegantly: “The core of the city’s allegations damn the city.”

Faced with tons of documents and dozens of high-priced squabbling lawyers, Superior Court Judge A. James Robertson II has split the mammoth Stull case in two. An April trial will address the question of how much money the bank owes — or does not owe — for unclaimed bond funds. A September trial will take on the subjects of false claims for fees and alleged self-dealing by BofA.

Attorneys on both sides say that the April trial will set precedents for later battles. The future of the case is being determined right now, as each side marshals its arguments. All the players agree: April will be the Waterloo of one side or the other.

Sometime after the April hearing, Judge Robertson will rule on whether BofA’s bond trustee accounting records are reliable enough to be used in calculating possible BofA debts to the state and other governments. The judge has hired a certified public accountant, Francis Callahan, to help assess the accuracy of the records.

The 200-plus plaintiffs in the Stull case maintain that the accounting issue is relatively simple. The bank’s records, they say, are bogus; all the audit trails showing that BofA improperly seized unclaimed bond funds have been destroyed. The amount of money the bank owes should, therefore, be calculated by using a benchmark — 1 to 3 percent — relating to the amount of bond funds that go unclaimed, industrywide. And that calculation should be tripled, as allowed under the whistle-blower law, giving Stull and the governments that have joined his lawsuit billions of dollars in damages.

But if Judge Robertson rules the bank’s trustee records are coherent, he will use those records to determine how much money the bank does or does not owe for unclaimed funds. The plaintiffs fear this latter scenario like death because, they say, the existing bank records do not show the huge amount of bond funds that allegedly were embezzled through the years.

On the other hand, if the records are deemed unreliable, a jury will be impaneled to assess monetary damages owed by Bank of America. BofA’s pleadings make clear the bank is eager to avoid a jury trial: “The enormously complex accounting issues would confuse the jury.”

Nobody knows which of the 600 million BofA records Judge Robertson and his expert accountant will review as they struggle to decide if the bank’s accounts are real or faked. As those documents are reviewed, the two main government attorneys involved in the whistle-blower case remain busy — snarling at one another.

From the start of the Stull case, Attorney General Dan Lungren, a Republican, and City Attorney Louise Renne, a Democrat, have differed over fundamental strategy. According to Deputy City Attorney Mahoney, Renne wanted to put all of her eggs in the hands of accounting experts. Lungren, convinced BofA had eliminated the paper trail that accountants would need to calculate damages, preferred the industry benchmark approach.

“A false claims case is not an accounting case; it is inherently based in fraud and deceit,” Lungren wrote the court in October 1997. “No accounting can be rendered due to fraud and deceit.”

The many squabbles between the attorney general and the city attorney have sometimes been ridiculous, but seldom sublime. Some accuse Renne of filing San Francisco’s intervention in the Stull case prematurely, to grab media attention.

Deputy City Attorney Mahoney retorts that the city filed because the state was conducting secret settlement negotiations with BofA. “We were not certain that the state would file in a timely manner,” Mahoney says. Brian Taugher denies Mahoney’s charge and claims Renne filed hastily, after receiving a call from a major television network.

Court records show that Renne had to refile her papers after the attorney general formally joined the whistle-blower lawsuit. The reason? Her first filing was procedurally incorrect.

By midsummer, Judge Robertson was so distressed by what he termed the “competing approach of various plaintiff’s groups” that he created a “liaison counsel” to speak collectively for the entities suing BofA. But the judge’s pleas for plaintiff unity have fallen on deaf ears. On Dec. 12, he heard preliminary arguments in a new squabble between Lungren and Renne over the division of the final $10.6 million payment BofA has agreed to make as part of the $48 million the bank has admitted it owes.

Renne and Lungren will air their dirty laundry again on Jan. 23. Judge Robertson’s decision in this matter will set a precedent for how any future damages and penalties are distributed. Either Renne, or Lungren, will have to learn how to be a good loser if the case against Bank of America is to proceed smoothly.

Meanwhile, BankAmerica’s primary advocates, the disciplined partners at Heller, Ehrman, White & McAuliffe, seem privately pleased by the internecine warfare on the other side of the case.

An epitaph is engraved in the reddish granite that decorates the lobby of BankAmerica’s corporate headquarters in San Francisco: “A. P. Giannini founded the Bank of Italy in 1904 to ‘serve the needs of others — the only legitimate business in the world today.’ His devotion to this far-sighted philosophy revolutionized the face of banking, and he lived to see his ‘Bank for the little fellows’ become Bank of America, the largest bank in the world.”

By 1997, BankAmerica, BofA’s corporate parent, had fallen to No. 32 in the ranking of the world’s largest bank holding companies, a victim of the growth of foreign banking centers. But it is still a formidable financial entity, with $248 billion in assets. Last year, BankAmerica enjoyed a 15 percent profit on shareholder equity. It is madly buying financial service and high-tech companies to soak up excess capital.

A decade ago, however, things were not so rosy for BankAmerica. More than 200 U.S. banks failed in 1988. BofA’s Corporate Trust Division had been rocked by a $650 million loss in a student loan securities deal it had helped engineer. Third World debt defaults zapped the bank’s profits, and Chairman of the Board Samuel H. Armacost cried, “Every single short-term profit-making device … that raped the future of the institution has already been done.”

The bank was on the ropes and scrounging for dimes. According to Stull vs. Bank of America, that scrounging included the theft of hundreds of millions of dollars in public bond funds. “Since at least 1986,” San Francisco’s intervenor lawsuit claims, “the Bank has been fully aware that its Corporate Trust Department was out of control. … The Bank was knowingly taking and keeping money that did not belong to it. … The Bank committed acts maliciously, fraudulently, and oppressively, with the wrongful and fraudulent intention of injuring San Francisco from an improper and evil motive amounting to malice, and in conscious disregard of San Fran-cisco’s rights.”

Even though the city and state have shrilly accused Bank of America of fraud and theft, the institution seems confident that Stull will be settled in its favor. Bank of America has not formally disclosed the existence of Stull to its stockholders, contending that the litigation is “immaterial” to the bank’s financial future. (Its auditors do not agree.)

There are signs that BofA may be justified in its optimism.
In May, Reuters reported: “Some [California] state officials are downplaying the dispute. State finance officials said they do not believe the lawsuit will hurt the bank’s relationship with most California agencies. … It’s a lovers spat.”

The city of Los Angeles joined the lawsuit only at the last minute and eschewed criminal prosecution. “For us it’s not a matter of concern,” Los Angeles County Treasurer Larry Monteilh told Reuters. “[BofA is] trying to do the right thing. I don’t think the bank tried to pull the wool over anyone’s eyes.”

And the city of San Francisco, which is accusing Bank of America of fraud and theft, recently awarded BankAmerica a $500 million bond underwriting deal. BofA holds almost all of the city’s cash on deposit. BofA supervises investment of most of the city’s $12 billion in financial assets. Despite allegations of theft, fraud, and deceit, BofA remains profitably cozy with its accuser.

Whistle-blower Patrick Stull appears to be the major fly in Bank of America’s ointment. As long as Farella Braun & Martel sticks with Stull, he will be able to object to any settlement he considers insufficient. And if Renne and Lungren drop out of the case, Stull can continue on alone.

Despite fears that BofA will try to defend itself in the court of public opinion by attacking his motives, Patrick Stull says he is in for the long haul and looking forward to the big payday.

“Nobody wants to put the bank out of business,” Stull says. “But the bank has to pay. It has to learn there are penalties for lying, stealing, and covering up. It has to be subject to the law.





LAND FRAUD AMERICAN STYLE – The Great Texas Bank Job…/the-corruption-is-massive-and-beyond.html

Jan 1, 2016 – All other records of Absorptions with Assistance by FDIC and wherein Fraudulent insolvencies AND INSTITUTIONS which had been LOOTED and INTERNALLY ROBBED are as well demanded. What is evident is very simple ….. multiple LIES and MANY FRAUDS were used to FAKE WESTERN BANKS.

Earth Looted By The Money Changers – The Missing Quadrillions …

The Great Texas Bank Job. Campaign Finance Corruption, Bush Vote Tampering Debacle, Whitewater Style Colonias Land Fraud, the Texas Judicial MAFIA The Florida Vote Heist and a Whole Lot More. 550 BILLION REASONS FOR A COVER UP. How Banking Institutions Have Been Robbed Again and Again Using Land …

America Looted Stupid – The Great Global Bank Job | The …

Jan 2, 2017 – Videos of land fraud subprime toxic assets bank looting. Bank Robbing with Hillary and BLOW JOB BILL. Click to view. 15:12HD. Bank Robbing with Hillary and BLOW JOB BILL. Vimeo. Silencing the Whistle Blowers – America Looted Stupid … Click to view. 21:01HD. Silencing the Whistle …

‘Vortex of fraud’ lands bank scam artist 12 years in prison – Business …

Jun 4, 2015 – NEW YORK (Reuters) – A Kentucky businessman was sentenced on Thursday to 12 years in federal prison for a series of massive frauds, including a $53 million tax scheme, the bribing of bankofficials and the defrauding of bank and insurance regulators. Wilbur Huff had pleaded guilty in December to what …

Trillions Stolen …… Looting of a Nation ~ Houston | Gold is … › Forums › Discussions › Topical Discussions (In Depth)

Sep 4, 2017 – This first dredging of the Buffalo Bayou was completed in 1876. The Land Speculation andBank Looting Frauds of Texas are even MORE FAMOUS Than ENRON and STANFORD FINANCIAL and the Savings & Loan / Banking Scams of the FIREA and South West Plan ….. YES The MEGA LAND SCAMS of …

Panic in ParadiseFlorida’s Banking Crash of 1926

Front Cover
Panic in Paradise is a comprehensive study of bank loan failures during the Florida land boom of the mid-1920s, during the years preceding the stock market crash of 1929. Florida and Georgia experienced a banking panic in 1926 when in a ten-day period in July, after uncontrollable depositor runs, 117 banks closed in the two states. Uninsured depositors lost millions, and several suicides followed the financial havoc. During the crisis in Florida bank assets fell more than $300 million in 1926 alone, and between 1926 and 1929, they declined from $943 million to $375 million. The banking debacle has been blamed on the collapse of the Florida land boom. It was believed that the precipitous drop in real estate values created a regional recession that caused the banks to fail. Bankers were not regarded as the problem. In fact, they were defended by bank regulators, who blamed the crisis on the public. Banks that operated prudently during this period survived the deceleration of the land boom. But many bankers looted the financial institutions they pledged to protect. They tried to get rich by wildly speculating with depositors’ money. When their schemes failed, so did their banks. Using bank records that had been legally sealed for almost 70 years, Vickers demonstrates that despite official disclaimers and previous historical accounts, virtually every bank failure that occurred in Florida and Georgia during 1926 involved massive insider abuses, a conscious conspiracy to defraud, or both. Regulatory secrecy permitted the banking debacle to grow beyond control as regulators concealed the magnitude of the problem. If depositors had known what banking officials knew, the panic would not haveoccurred. Depositors did not know the true condition of the banks because insider abuses and fraud were hidden by regulatory secrecy. Bank examiners reported the self-dealings to senior regulators, who passively watched the looting and withheld the truth from the depositors. Even when lawsuits disclosed the chicanery, state and federal regulators misled the public. Despite the official denials, the public panicked. The ensuing runs caused the banking crash. Vickers found that political interference with the defunct state and national banks continued during the liquidations. Bank regulators hired well-connected lawyers to represent the receiverships. The high-powered law firms were expensive, and their performances were often deplorable. Lawyers’ fees and expensive settlements depleted bank assets further damaging both the banks and their depositors.

Officials: Drugstore stop lands fraud suspect back in jail | Newsday › Long Island › Crime

Nov 22, 2017 – He is currently awaiting his federal fraud trial on charges of looting $1.2 million from the estate of a late state administrative law judge, Marilyn Mosberg Shapiro, through a complex scheme that federal prosecutors said involved his submitting a forged will claiming he was her heir. U.S. District Judge Joan …

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Looted Nations ….. The Sleeping Masses

What is truly amazing is the  LOOTED  TRILLIONS



The Bush Clinton Obammy
CABAL Exposed

Stealing Trillions requires  Laundering Them As Well




The Nation Can Not Afford the NEVER ENDING Schemes and Scams , The Lootings MUST BE HALTED

The National Swamp Draining Administration

Absolutely   TRILLIONS  Were  Taken

Looting and Laundering Trillions gets a little INVOLVED


Swindlers in Arizona Said to Make Millions – The New York Times

May 21, 1979 – After the murder of Mr. Bolles, who was among the first in the state to investigate land fraud and other commercial crime, the United States Justice Department established a special task force to investigate white‐collar crime in Arizona. Agents for the Federal Bureau of Investigation, postal inspectors and …

Organized Crime Spreads To Fast‐Growing Arizona – The New York …

Jun 14, 1976 – Last June 2, Don Bolles, a 47‐year‐old reporter for The Arizona Republic who had written about land fraud schemes and criminal entry into legitimate businesses, …. However, Roger S. Young, the assistant agent in charge of the F. B. I. here, said he would be surprised if the recent violence was rooted in …


The  National Swamp Draining Administration's photo.
The  National Swamp Draining Administration

Facts are Stubborn Things … JBW 

Update   MIT  Economics  Professor  and   Dr.   William  Black   ALSO  CLAIM   TRILLIONS  are  Looted

Since 1982 …… Like an American Title Company NAIL GUN ……

The  Great Texas Bank Job  has been  SPOT ON  All Along



These Fraud Schemes and Scams have afflicted the ENTIRE PLANET. All over the Earth these Real Estate Dirt Dealing Mortgage Swindles have effected many many MILLIONS around the World. This is a HIGHLY ORGANIZED CRIME WAVE

Get Rich Quick in  Schemes Scams and Frauds  the  DNC /  RNC   Way

The   BUSH  and  Clinton   Bankster  Gangsters



The Fact is the CRIME WAVE started a very long time ago. LONG BEFORE MERS , Taylor Bean & Whitacker, Select Portfolio Services, WAMU, Countrywide and Bank Of America etc etc ….. Land Fraud | Cochise County

Land Fraud. Land Fraud. Every … Every Arizona county and hundreds of thousands of trusting land … Florida was not far behind and many states had similar swindles …
Land Fraud | Cochise County


Every Arizona county and hundreds of thousands of trusting land purchasers were victimized by the rampant land scams of the 1960’s. Artist renditions showed trees and lakes with boating and all the modern facilities: streets, street lights, golf courses, a…
Oct 13, 1983 – Mr. Kamer, 40 years old, was described by Federal officials as a real estate promoter and a financial advice columnist for a popular Dutch publication, … men charged that their real estate development concern, the American Land Program, had sold interests in United States land to the European investors …





Bill Clinton Gives Lecture At Georgetown University

WASHINGTON, DC – APRIL 21: Former U.S. President Bill Clinton speaks at Georgetown University April 21, 2015 in Washington, DC. Clinton delivered the third part of a four part series of lectures he is giving on the topic of “Purpose” – how a clear and inclusive sense of purpose can drive a life of service. (Photo by Win McNamee/Getty Images)





Where oh where did all the Trillions Vanish To ???? Who’s Got all that PIZZA / Dough / Bread …….. I KNOW ……. You can NOT do Derivatives and Foreclosure Frauds ….. You can NOT do the Mortgage Subprime Schemes or Bank / S&L Lootings without the SUBDIVISIONS, BUILDING LOTS, and the Houses ….. None of it works with FRAUD ON THE FRONT END …..

The Never Ending Friggen Story


AUTHOR’S  UPDATE  10/21/2016

NOTICED FDIC and 334th State District Court Houston TX Et Al

3:58 PM (1 minute ago)
to EFOIA, legal, ighotline, Danielle, RAWILLIAMS, aliturner, Lise, sarahd, consumer.compl., news
The Western Banks when SELF PROCLAIMING Insolvency controlled, owned, operated and HID an EXTENSIVE and PRESTIGIOUS LIST of vast Real Estate and Financial interests that spreads from Zurich and Zugg Switzerland, Britain, Africa the Middle East and all across America. RLG Realty Holdings remained in ownership of the Western Banks Addresses in Harris County for many years AFTER staging the FAKED Insolvency of it’s Western Banks.
As I have given NOTICE to the State of Texas and the 334th State District Court the Lawyers for Western Bank / RLG Realty Holdings / the FDIC and the State Banking Commission concealed from Judge Russell T Lloyd and Myself the true nature of the mega wealth Western Banks principles, investors, insurers and others retained during and after the FAKED INSOLVENCIES.
I have begun to collect the Government Records and other Data which reveals the enormous fraud upon the Court perpetrated by SEWELL and RIGGS Western / FDIC’s lawyers along with FDIC itself.
This is additional NOTICE TO THE COURT of the FRAUD UPON THE COURT in case number 1986-17930 Witham Vs. Western Banks
Judson Witham
Pro Se


Bing is a search engine that brings together the best of search and people in your social networks to help you spend less time searching and more time doing.

Dedicated to Harreal Blackshear and the FBI that were running WESTERN BANK HOUSTON and all those Weapons Traffickers at Gulf Manor Airport, JoAnna King and the Charlie Wilson War MAFIA at Baker and Botts. Notable mention to US Secret Service Agent Rick Williams ( Woodlands TX ) and the Montgomery County Mafia ( Nelda Luce and Marcus Winberry Conroe Tx City Attorney)

From  MENA to HOUSTON,   Roland Carnaby’s  Grave, Barry Seal , Air America to The World Trade Centers,  SECRET  CLINTON  WEAPONS  TRAFFICKING and the BANKSTERS Financing It ALL


8.5 TRILLION Unaccounted For at DOD

NOTICE   THE  DATES   ……..*/

That will be  Buying Lots of  Elections

The  Federal  Reserve can’t account for 9 TRILLION  and  the  Nation has been looted  for  MANY MANY MANY  More  Trillions than that

GULF  MANOR  AIRPORT  and  the  Galleria  BCCI  Crew  ……  Imagine  That  FBI   ……   The Bin Ladins  and  Ellington  AFB  ……   Charlie  Wilson’s  War  and  the  Octopus  to  less   OLD  Roland  Carnaby   KNEW    ……   TRILLIONS  LOOTED  ……   The  Gangster Bankster   PAPERS   ……    The  Rabbit  Hole  is  IMMENSELY  DEEP  …….

The Nation Has Been VASTLY Looted for Many Many Many Trillions

The States and USA Inc. are a JOKE a crooked Bought and Paid For JOKE ….. Like the Bushs, Clintons and Obamas  etc etc  et al


1999 – 2000 Hmmmmm I wonder where Occupy, WIKI-LEAKS, ALEX JONES, Whistleblowers United and Like Bernie and Warren where HIDING ?  Must have been IN BED with the Clintons and Bushs …… BOA …… Et Al ………. Dirt Dealing and Campaign Financing and ORGANIZED CRIME ….Hello US DOJ and FBI and US Treasury …..


 From almost 17 Years ago I found an Old Version Cache and Archived ….

Restoring The Bill of Rights One Website at a Time


I sure started some shit huh LOL …….





Billions Vanished ……. …

When  I  began  the  current  Revolution  back in 1982  ……  Great  Numbers of  People were  SLEEPING  …….   Now   NOT  SO  MUCH   ………

VAST Real Estate Crimes America Looted

The Continuing “TWISTED” Saga of – The Looting of America




Superior Courts of Los Angeles Served!!!

whoo hoo!!! LA has their shit together, this is groundbreaking!! Where are the views!!!! I love this!!! Yea, we the people are the ones who make the final decision, where did this logical way of thinking go, what happened to us,. I am glad we’re getting back on track!!

CRIMINALLY CORRUPT – Eric Holder, Top DOJ Lawyers Were Partners With Big Banks (Reuters Investigation)

  U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department’s criminal division, were partners for years at a Washington law firm that represented a Who’s Who of big banks and other companies at the center of alleged foreclosure fraud, a Reuters inquiry shows……..

Judson Witham <>
4:26 PM (9 minutes ago)

to Office, fbi.dallas, Houston.Texas, stephanie, linda, Bobby, ffetf, MARK, M.R.C., Paul, Ron, TIFFANY, Benjamin, Ken, JAMES, James, John, Thomas, Executive, Insurance, Robert, Laser, Bobby, ISLAND, ROBERT
I’ll bet Liberty Broadcasting Knows
Huh Curt

Sent: Friday, March 22, 2013 4:13 PM
Subject: Flies in the Butter

TRILLIONS Have Been Swindled and Real Estate is at the CORE OF IT …
Ask MERS and Ask Eric Sneiderman

Ask The FBI, US Postal and the US Secret Service / Treasury

The Great Texas Bank Job

So I’m thinking Conroe, Texas was INFESTED with Illegal Realty Transactions Connected to Financing Agreements and Bank Loans for Unlawful Real Estate Sales. Many Many Many Millions of these Swindles have been revealed all across the United States and IN FACT the Subprime Deals are Greatly Infamous. The Perps of these Illegal Realty Deals almost always provided an Address with which to MAIL in Payments and as is OBVIOUS Used the Mails and Such to engage in the other Transactional Aspects of Collecting Installments and Noticing on Collections and Court Matters during Foreclosures. It would seem the US Postal and Banking Systems were ALL integral to the Criminal and otherwise Fraudulent and Illegal Realty, Insurance, Banking and Lawyering connected to it all.

WHISTLE-BLOWER Witham was He ever Paid ???







When Hundreds of Billions in Real Estate Swindle Related Frauds have been OBVIOUSLY reported to the State and Federal Governments through FBI, Secret Service, US Postal Inspections and that information is accurate and results in VAST Legal Settlements from the Perps …..

I thought Whistle Blowers were entitled to a REWARD for exposing the Corruption ???
WHISTLE-BLOWER Witham was He ever Paid ???


SEE …….

Woodlands, Conroe, Harris County, Montgomery County, Land Swindles, Bank Looting …….. NOTICE THE DATES …….

It’s where I exposed BILLIONS in Land Swindles ………

Date Posted: 22:21:55 12/05/07 Wed
Author: Judson Witham

I thought Whistle Blowers were entitled to a REWARD for exposing the Corruption ???
WHISTLE-BLOWER Witham was He ever Paid ???

NOTICE  THE  DATES  1987  and  the  Story started 

5  Years  earlier

Some of the subdivisions have plats recorded with the county as required by state law. Others – about 600 – are unrecorded or “red flag” subdivisions that do not meet county road and drainage standards and have no plats, or plans, filed.

Crooked Developers & Banking Collapse

Date: MON 06/22/1987
Section: 1
Page: 10
Edition: 2 STAR

Resident’s crusading `fans fire’/Subdivision’s critic outlines difficulties


Kneeling beside a large pothole, Pinewood Village resident Judson Witham recites statutes from the state property code as if they were treasured passages from a favorite poem.

“I about know them by heart,” Witham proclaims, measuring the pothole’s depth with a fallen twig. “I’ve made it my duty. I want to warn people about the Pinewood Villages of the world.”

Around the Montgomery County courthouse, Witham’s name is synonymous with the problem-plagued subdivision he lives in.

It started six years ago with his myriad of complaints to developers and county officials about the unrecorded east county subdivision’s drainage and roads.

Five years later, the 30-year-old disabled construction worker who refers to Pinewood Village as “The Tiger Mosquito Ranch” was sitting in a jail cell, accused of threatening to kill Vice President George Bush and an assistant Montgomery County attorney over his subdivision woes.

“It was character assassination,” bellowed Witham, who claims he never threatened to kill Bush or the assistant Montgomery County attorney, Marc Winberry.

“I got angry at Mr. Winberry. Very, very angry. But I don’t think I threatened to kill him. I said something like `This just got personal and I’d like to rip your head off your shoulders.”‘ Witham said Winberry laughed at him during the telephone conversation, a claim the attorney denies.

“The last thing I wanted to do was do anything to contribute to his highly agitated state,” Winberry said.

Prosecutors said they dropped the third-degree felony charge of retaliation on condition that Witham “go forth and sin no more.”

As for the allegation that he threatened Bush, Witham said he was nervous and angry when he called Houston’s FBI office at 3 a.m. one night in November 1985 after his family was harassed by unknown motorists in a jeep.

“I started telling the FBI person about the problems out here and said if the vice president was being unfairly subjected to what my family and others in this county have been subjected to in Pinewood Village, they’d be all over it. They misunderstood me. I asked `What would you do if I threatened to kill the vice president of the United States?’ Next thing I know, they’re coming to get me.”

The federal charge against Witham was also dropped on condition that he undergo mental analysis.

Witham says he underwent a mental evaluation at Houston’s St. Joseph’s Hospital. “They wanted to see what made me tick. The psychiatric evaluation showed that all areas of my life were in normal parameters, except for the situation with Pinewood Village.”
Witham said he invested $50,000 building a two-story home on land that cost him $27,000. “It’s appraised at zero,” he said. “I couldn’t sell this subtropical swamp if I wanted to.”
He has lawsuits against the subdivision’s former financier, Western Bank on Westheimer; one against the county, its commissioners and county attorney; and another against American Title Insurance Co. whose licensed agent, the now defunct Eagle Title Co., issued title opinions on the land.

Witham accuses the county of turning its head from developers who skirted county subdivision regulations, a claim that has put him at odds with several Montgomery County office holders.

“Montgomery County has had years to enforce those regulations, but the good old boys sat back in their boots and straw hats and said `OK, let’s be easy on this one. He’s a good old boy like the rest of us,”‘ Witham claimed. “I’ve done what I’ve had to to get my point across.”

During a 1986 session of Commissioners Court, Witham plopped a jar of water in front of commissioners, challenging them to a “not so refreshing drink fresh from a Pinewood Village tap.”

He exhibits pictures of potholes in Pinewood Village, their widths and lengths duly noted.
“He definitely fans the fire. He keeps it going day and night,” said the subdivision’s developer Donald Clesson. He added that he doesn’t always appreciate the manner in which Witham draws attention to the subdivision.

County officials agree.

“I feel sorry for his situation, but he goes about things the wrong way. He wants to blame everything on the county and that’s not where the fault lies,” said a county official, who requested anonymity.

Counters Witham: “I’ve had a hell of an education and made my mistakes. But my only motivation is putting a stop to Pinewood Villages. I don’t think it’s right for anyone to be defrauded, especially in the purchase of a family home. That’s the sanctity of the family. It’s like people stealing candy from babies.”







Linda Minor  <—–<<<<
Section: 1
Page: 1
Edition: 2 STAR

POTHOLES & PROMISES/Montgomery County’s crumbling subdivisions/ Homeowners handle property woes


Polish immigrant Steve Szladewski’s ruddy complexion grows redder as he rattles off the sales pitch that led him to buy property in the Shepard’s Landing subdivision in Montgomery County.

Former astronaut Alan Shepard, the subdivision’s developer with former Houston Mayor Louie Welch, was to be his next-door neighbor, a salesman bragged. Szladewski’s land, though bordering the San Jacinto River, was unlikely to flood. And the horseshoe-shaped road winding through the subdivision would be paved.

“Alan Shepard didn’t move next door. A guy from New Jersey bought that lot,” said Szladewski, a small, gray-bearded man who struggles with his English.

The road also failed to materialize, and on one occasion, Szladewski anchored his tiny clapboard house to two large oak trees to save it from being swept away by the rain-swollen river.

“In Poland, I learn people in America help each other. But in America, I learn sometimes they say things so you buy.”

Szladewski is not alone. Shepard’s Landing, developed in Montgomery County’s real estate boom of the late 1960s through early 1980s, is one of hundreds of problem-plagued subdivisions that have come back to haunt the county and its residents during the bust.
They are speckled throughout the county’s dense pine forests, the legacy of a ripe economy gone sour. In many instances, they are the handiwork of unscrupulous developers who skirted the county’s rules to make a fast buck.

Some developers, however, say the county is to blame for encouraging development without spelling out or enforcing any restrictions.

Some of the subdivisions have plats recorded with the county as required by state law. Others – about 600 – are unrecorded or “red flag” subdivisions that do not meet county road and drainage standards and have no plats, or plans, filed.

All of them hold disgruntled, heartbroken homeowners with similar stories:

When Mike and Pam Jordan purchased five acres of land in The Wilderness subdivision off FM 1488 for $21,000, they were told there would be no problem in getting basic services such as electricity to their wooded lot.

“But we found out it really was the wilderness,” said Jordan. The only access to their trailer home is a narrow, muddy gas pipeline easement. No electrical easement to his property exists. The couple lived by a gas lantern for several months and had to pay $2,000 to run a wire through the woods and hook up with an electrical line. Their utility bills run double as a result.

In the recorded Park Place mobile home subdivision near Magnolia, the streets are named after those in the popular board game, Monopoly. But the similarity stops there, says resident Pat Wuensche, whose back yard on West Boardwalk is mushy with sewage.
Thirty families have joined the Texas attorney general in suing the developer, claiming he falsely represented that septic tanks would work in the subdivision’s soil. Wuensche said she is still waiting for the 24-hour security, recreational facilities and county-standard roads she was promised.

In the Indian Hills subdivision off 2978, Richard and Mary Blunk were shown a developer’s plat of the subdivision, reflecting a nice chunk of property on which they later built a home. They later discovered that the subdivision’s road cut through an area reflected on the map as their property.

Residents in some problem subdivisions are denied basic services such as mail delivery because of roads that turn into slick obstacle courses at the first rain. School bus drivers refuse to travel them. Fire and ambulance personnel live in fear of the day someone dies because an emergency vehicle cannot clear the mud and potholes. Realtors won’t waste their time listing such properties.

Hardly a Commissioners Court session goes by where residents don’t plead for help from the county.

The county has decided to go to the courts.

“In the past, I think developers thought `what’s the county going to do? They don’t have the stuff to come after me,”‘ said County Engineer Don Blanton. “I think they realize the county means business now.”

Last year, the county hired attorney Nelda Radabaugh to address the problem and force developers to comply with the subdivision requirements. She has sent numerous warning letters to developers asking them to upgrade their roads and drainage systems and has filed a lawsuit against one developer, S. E. Rutledge, of the Southern Pines subdivision off FM 1314.

In the past, county officials bowed to public pressure, maintaining the substandard roads to please constituents and gain votes.

But a downturned economy, tighter road and bridge budgets and a need to properly address what’s become a monumental problem has all but precluded that practice, say county officials.

Radabaugh said most developers the county has contacted are cooperative. “But some of them are bankrupt, gone to Timbuktu, Kansas, hiding.

“We don’t base our investigation on which residents are screaming the loudest. It has to be on which subdivisions are the worst. It’s not easy explaining to someone `Yes, your subdivision is bad. But you’re number 400 on the list.”‘

Jack and Ernestine Daniel, residents of the Southern Pines development, hope the county’s efforts will pay off.

They joke that they own lakefront property. The subdivision has no drainage ditches. When it rains, the water puddles up in chug holes, some nearly as wide as the road itself. Water moccasins sunbathe on the road after the water recedes.

Mrs. Daniel has named the subdivision’s narrow, dirt roads herself: Rub Board Road, Slip ‘N Slide Drive and Dip ‘N Dive Drive.

“It about says it all.”

To hammer her point home, she sent notices to the developers, inviting them to “The super slide and roller coaster ride in Southern Pines.” The letter continues “bring your bulldozer, dump truck, backhoe or grade as the pot holes and mud holes are at least three to four feet deep. Use of an ordinary car will destroy your tires, shocks and springs and put bruises on your skull.” A postscript reads, “The next invitation will not be as cordial.”

“Our children have been embarrassed to bring friends home,” Mrs. Daniel said. “The head coach at Sam Houston State came out here once to talk to our son. He said he never had to come down such deplorable roads in his life to recruit a boy.”

Polish immigrant Szladewski hopes the county’s efforts will benefit him as well.
His property in the unrecorded Shepard’s Landing subdivision off FM 2854 is not only in the flood plain, it’s in the river bed. County officials have told him his home would have to be built 21 feet off the ground to be above the 100-year flood plain.

Shepard, Welch and businessman Jack Coogan initiated the project. A now-defunct Conroe real estate brokerage company sold the lots.

The county filed misdemeanor charges against the three investors in 1980, claiming the subdivision was falsely represented as county approved. The investor’s attorney, Dan McCrary, said the charges were without merit and were dropped on condition that certain things be upgraded at the development. None were.

McCrary said purchasers in Shepard’s Landing signed letters acknowledging the land was in the flood plain.

“This is nothing my clients have escaped from unscathed,” he said. “They’re still paying for this flood plain property.”

Szladewski, with the help of a neighbor, keeps the lone road in the development graded. But land that he paid $4,000 an acre for has been appraised at $500.

He said he relied on the word of a salesman “and got taken. They told me it was recorded subdivision. They promise to fix the roads. They say they build a nice entrance to subdivision, something beautiful. We have nothing.”

Szladewski said he figured the subdivision would be well maintained when he was told Shepard would be his neighbor. “And Louie Welch, they say he build on lot 11 or 12.
“In Poland, I learn nobody cheats in America because everybody helps each other. If one person’s house burns, neighbors build another. That was America in my mind.”

In the Park Place subdivision off Dobbin Huffsmith Road, residents are hoping Attorney General Jim Mattox’s lawsuit against the developer will stop an odor the development on hot, humid days.

Mattox visited the recorded subdivision in 1984, declaring it unlivable. He then sued developer C.L. Conner, alleging he misrepresented that septic systems would work in the subdivision’s soil.

Residents want the developer to install a central sewage system or buy them out.
“When the wind blows just right, the smell can knock you over. It’s like living in a cesspool,” said resident Ralph Schafer, who chose the mobile home subdivision as his retirement home four years ago. He paid $10,000 for his lot.

“I wouldn’t have paid that much if it weren’t for all the amenities promised. They advertised this place like your favorite vacation resort. My wife and I used to like Las Vegas, but boy, this is no where close. My wife is even ashamed to have friends over to dinner because of the smell.”

Schafer and other residents say they were promised 24-hour security and recreational facilities that never materialized.

Conner claims the soil is suitable for septic tanks but several residents had systems improperly installed. He denies misrepresenting the development, and said he sued his contractor for not completing road shoulders.

Park Place civic association president Wuensche said residents suing over the septic systems have proof they were inspected by the county.

She is convinced a lingering kidney infection was caused by the problem with septic overflow.

“Our drinking water is well water and if the sewage is seeping into the ground, it would be in our water,” she said. “I had a $3,000 water-filter system put in and have had no problem since.

“The sad thing about situations like this is you’ve got so much money invested and you’re just stuck.”

Joe and Judy Patterson, residents of The Wilderness subdivision southwest of Conroe, can sympathize.

They purchased 18 acres last year and were not told by salesmen that the development could be under water in a few years, the potential site for the Lake Creek reservoir.
“It’s not so much the things they did tell us, it’s the things they didn’t,” said Mrs. Patterson. “We were misled on a lot of things.”

The couple was told that the dirt roads would be graded by nearby oil company workers.
“And that’s not true,” said Patterson who has repaired the suspension on his new truck twice within a year because of the rugged roads.

“We’d like to sell,” he said. “But where are you going to find another fool like us?”

Date: MON 09/21/1987
Section: Business
Page: 1
Edition: 2 STAR

Report: Developers owned almost all troubled S&Ls

United Press International

DALLAS – Real estate developers who bought their way into the troubled savings and loan industry in the early 1980s owned virtually all of the most deeply insolvent thrifts in Texas, it was reported Sunday.
An investigation showed real estate development entrepreneurs either own or owned 20 of the 24 most financially troubled savings and loans in Texas and that most of the remaining four went broke by copying the aggressive strategies of the developers-turned-thrift owners, the Dallas Times Herald said in a copyright story.
Most of the 24 institutions, which lost money at the rate of $8.94 million a day in the first quarter of 1987, are now in ruin.
They have lost all the money invested by their owners and $3.8 billion of depositors’ money that had to be replaced in part with emergency loans from the Federal Home Loan Bank of Dallas.
Reports from the Federal Home Loan Bank, which has advanced at least $2.4 billion to the ailing thrifts, indicate the Texas 24 have been forced to repossess $2.7 billion worth of property from delinquent borrowers.
Seven of the institutions have been declared insolvent. All are under the strict supervision – if not outright control – of federal and state regulators.
Thrift experts place the two dozen institutions at the heart of an epidemic of risky lending and outright fraud that virtually bankrupted the Federal Savings and Loan Insurance Corp.
The Texas thrift crisis required Congress to pump $10.8 billion into the agency that insures S&L deposits up to $100,000. More than half of the FSLIC bailout funds will be used in Texas, where the agency expects to pay $6 billion and spend five years cleaning up failed S&Ls.
During the height of the Texas economic boom, one developer-thrift planned to open a branch office on the moon, another loaned $3 million to buy the Rolls-Royce fleet of the Bhagwan Shree Rajneesh, and a third funded a real estate project that called for a private overpass spanning the 10-lane LBJ Freeway in Dallas. A fourth thrift operated a chain of barbecue stands, the newspaper said.
“Developers got us where we are in the savings and loan business through greed and a failure of ethics,” said Paul Hardy, a principal with Commercial Banc Group, based in Dallas, which specializes in resolving troubled real estate projects.
“They bought S&Ls with the idea of becoming real estate giants by using depositors’ money and taking advantage of inflation,” Hardy said.
Don R. Dixon, accused of looting Vernon Savings and Loan Association, said thrifts were taking advantage of powers granted by the Garn-St. Germain Depository Institutions Act of 1982 to get an ownership stake in their borrowers’ projects.
Dixon told the Times Herald that builders turned around and acquired thrifts to assure themselves of financing and to tap into the profits of lenders.
Dixon, Vernon’s former owner, is named in a $350 million lawsuit filed by the FSLIC that accuses him and six other Vernon officers of plundering the S&L. Vernon Savings was declared insolvent in March, when it was $616 million in the red.
Dixon blamed federal regulators for Vernon’s failure.
The Federal Home Loan Bank began examining Vernon in summer 1985. In April 1986 it barred the S&L from renewing customer loans, almost all of which Dixon said were about to be renewed.
“I’m not a guy who flew into town to rape the savings and loan business,” Dixon said. “The regulators in Washington decided that entrepreneurs are bad and said: `We’ll sink the ships to kill the captains.”‘ wrote: | News, search and shopping from the Houston Chronicle




little gray fox with the catbird seat {harmon}

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Dirt Dealing America … Looting Trillions 101 | Trillions Looted …

Apr 14, 2016 – Old West Swindlers – Page 147 – Google Books Result … It highlighted the types of financial fraud the EU-ETS has already … …. The Great Texas Bank Job Speculations Bubbles and Bank Crashes 101 … …. It is difficult, by legislation, to circumscribe the chicane of land speculators.

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Google and YouTube are obviously Financed by the Central Bangsters the Fed … Protecting The Government Employee’s Financial Interests Comes FIRST … …. …… ….. land, investors and politicians on both sides of the Atlantic left a trail of chicanery, …
Feb 17, 2017 – Search for: … ‘Fraud’ Examines Two Centuries’ Worth of Hucksters and Swindlers … advantage—separating “illicit chicanery” from “enthusiastic puffery,” as Balleisen puts it. … But it took the stock market crash of 1929 and the economic … admiring their “audacity, ingenuity, and capacity to land on their feet.
Oct 5, 2015 – Audrey Elaine Elrod was in rough financial shape as the 2012 holiday … He said he had stumbled across her profile while searching for a …. I DO NOT use any dating sites, skype, google plus, yahoo … to Nigeria, a country notorious as a hotbed of Internet chicanery. …. Here’s how swindles typically unfold.
Sep 8, 2006 – There seems to be a small epidemic of land title fraud in Ontario, … “Google+1″-Dummy … a full title and record search to make sure the sellers had clean title to give …. then you actually do have title to that land, no matter what chicanery …. He now arranges a new mortgage with another financial institution.

10 Greatest Swindles in United States History – Listosaur | Hungry for …

Mar 16, 2012 – Here are 10 incredible swindles in American history. … itself — here are the 10 most famous financial swindles in United States history. … Florida land swindles were very common in the early 20th century, but continue to this.

Missing: googlesearchchicanery

Lawyer was bold enough to cheat the best of investors – The New York …

Nov 14, 2008 – Search Skip to content Skip to navigation View mobile version …. have been tracking what they describe as a brazen swindle of some of New York’s … who are struggling to track the apparent financial chicanery. …. Magazine · N.Y.C. Events Guide · Real Estate · T Magazine · Travel …. Log in with Google.

The Mortgage Fraud Scandal Is The Biggest In Human History …

Oct 14, 2010 – Fraud. Venerable investment banks like Goldman Sachs packaged the … The absence of the documents was required to run the scam. … Brown, MBSs are typically pooled through a Real Estate Mortgage Investment Conduit …

Land Fraud In West Bank Probed – tribunedigital-chicagotribune…/8502260005_1_west-bank-land-fraud-largest-land-swi…
Aug 27, 1985 – Israeli police are investigating a massive West Bank land fraud … in connection with the largest land swindle in the West Bank since it was …
Apr 27, 2015 – Bank Robbing , Land Swindles, Subprime and the Derivatives … =ssl#q=trillions+looted+land+speculation+mortgage+fraud+bank+looting …
May 27, 2015 – Real estate kingpins buy political favors on a regular basis. A new study estimates the payoff.

Florida Aides Report Widespread Land Fraud Swindle – The New York …

May 15, 1975 – Fla officials uncover what might be largest land fraud swindle in … buys a large tract of land with money borrowed from bank or, in many cases, …

In some cases, clients may be the victims of the real estate scam, but sometimes … amount) so that the buyer can obtain a larger mortgage from his/her bank.

NABI – Sweetheart Swindle Con (Cons And Scams)
Equity Skimming and Real Estate Schemes … victim on the street; in a supermarket; bank; or other public areas frequented by the elderly. … The sweetheart scam will continue until either the money runs out, the victim dies, or fear that the …
Swampland in Florida refers to decades-old but still recurring real estate scams involving … The phrase originates from the common land banking scams of the 1920s, when booming “land mania” preceded the … Grant Oster points out that the practice of the unseen property scam predates the existence of the United States.


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