The U.S. Sues Itself While Europe Crumbles:

The U.S. Sues Itself While Europe Crumbles:

The lastest news is that Fannie and Freddie are suing 17 major banks over mortgage deals gone bad. This is the latest in a string of lawsuits where essentially the US Taxpayer is suing himself – the only beneficiaries are the lawyers. AIG is suing Bank of America over mortgage bonds. The NY Fed sued Bank of America over mortgage bonds. BofA is a main target because it acquired Countrywide which was the largest pure player in the mortgage market. The housing and mortgage debacle is so complex and entangled that Wells Fargo was even suing itself. What is lost in all of this is all these entities mentioned above are part of the government or whose existence depends on the government. We should stop pretending these are indeopendent entities with separate shareholder bases, though in some cases this is technically true – both BofA and AIG would not exist in present form with a...

Full article: http://theautomaticearth.blogspot.com/2011/09/september-5...

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