Wednesday, January 19, 2011
Very interesting at the end of the video he states that all of his major losses that he remembered occurred in the stock market. All of the stocks he mentioned were accounting fraud issues Enron, World Com, and Tyco. Just google Bernard Ebbers, Dennis Koslowski, Ken Lay, Andrew Fastow, or Jeff Skilling. Those guys in suits and ties are a dangerous bunch. There's still way too much debt in the system currently that needs to work itself through.
Wednesday, January 12, 2011
We are certain that in any other banana republic, at least some answer to this rather important question would be sought. But not in this particular one...
More from Cleveland.com on the curious case of Peter Sikora.
A Cuyahoga County Juvenile Court judge faces foreclosure on his eight-bedroom, lakefront Cleveland home after falling a year behind on a nearly $1 million mortgage and property taxes.
Judge Peter Sikora said he hopes a mediation session scheduled for next month will keep him in his Edgewater Drive home, which the Cuyahoga County Auditor's Office has appraised at $844,000.
Sikora, who makes $121,350 a year as a judge, said in a telephone interview Thursday that he has the money to make his mortgage payments. What got him in trouble was following the advice of officials at JP Morgan Chase & Co., he said.
With property values in decline over the past year in Cleveland, and mortgage rates the lowest in decades, Sikora sought to refinance. But the bank, he said, declined his request.
"The bank advised me that the only way they would consider a loan modification would be if I fell behind on my payments," said Sikora, 59, a judge since 1989. "I took their advice and put the money aside."
Sikora said he was surprised when, in June, during the middle of negotiations, JP Morgan Chase filed the foreclosure lawsuit against him seeking $999,000, including $6,400 in unpaid property taxes.
"It's unfortunate that it's gotten to this situation," Sikora said. "I've been talking with them for more than a year, but the bank hasn't been responsive."
And the kicker: this judge, who voluntarily stopped making payments even though he knew full well this was against his contract, and knew he was in effect scamming the system, tried to be a Supreme Court judge on three seperate occasions! Is it any wonder then that the entire judicial system is paralyzed, and is corrupt beyond comparison? After all, it is full of thousands of Peter Sikoras who would do anything in their power, even break the law, just to get on the banks' good side.
Sikora was elected in 2008 as president of the Ohio Association of Juvenile Court Judges. A Democrat, he ran unsuccessfully three times for the Ohio Supreme Court.
He acknowledged it doesn't look good for a juvenile court judge to become delinquent on property taxes, which are used to support schools and the children who appear in his court. But he said the bank is responsible for paying the taxes out of the escrow account.
What else is there to say? There are those who wish to fix the system out there, and god bless them. The problem is any attempt at fixing the system will inevitably end up in bringing the whole charade down. Which is why, as we have been claiming for just over two years now, the "scalpel" approach to cancer elimination is doomed. The cancer has metastasized long ago and the condition is terminal.
The banks are flat out untouchable. The bank is now the taxpayer via the GSEs. When judges break the law and get away with it's justice or "just us" meaning all other people who aren't part of the elite class are accountable to the law. The big banks need broken up and the Federal Reserve needs to be abolished. These games of propping up the system can only go on for a few more years maximum. I'll make a market call of less than a year. By the end of 2012 the market will have a correction that takes us lower than March 2009. It's amazing how many people believe that the economy is actually getting better and have trouble understanding that it's not normal or financially wise to build castles in the sky with debt. Are you getting more credit cards in the mail? Is your house worth more? Asset prices are variable but debt is fixed. You can't rage against the system. It's better just to control the controllables.