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Wednesday, March 20, 2019
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Stirring extreme partisanship together with rightist paranoia, Rep. Darrell Issa and his Republican colleagues on the House Government Operations Committee have transformed a legitimate investigation into a breach of Constitutional authority and a danger to law enforcement. With Wednesday’s vote to hold Attorney General Eric Holder in contempt – for refusing to turn over every document demanded in the committee’s probe of the Justice Department’s “Operation Fast and Furious” gunrunning sting – the reckless Issa invited attention to his own aims and tactics, which cannot withstand much scrutiny.

There was little expectation of scrupulous conduct from Issa, who upon assuming the committee chair announced plans to hold “seven hearings a week, times 40 weeks” to “measure [the] failure” of the Obama administration. While he hasn’t achieved that supersized goal, his blustering tone was telling. He has turned a sober and important committee into a parody of Fox Nation. And now with his most ambitious probe unable to find any evidence of wrongdoing by Holder, he is abusing Congressional power to distract from his own failure.

The Fast and Furious fiasco originated during the Bush administration, when agents of the Bureau of Alcohol, Tobacco and Firearms decided to track illegal gun sales by U.S. dealers to Mexican drug cartels by allowing weapons to be “walked” across the border. The agents hoped that with the cooperation of Mexican police, they would be able to make major conspiracy cases rather than merely arresting a few dealers or smugglers. But the operation blew up when two of the weapons permitted to be “walked” by a small-time dealer were identified at an Arizona shootout where a Border Patrol agent was killed.

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141 responses to “Too Fast, Too Furious: Darrell Issa’s Lawless Marauding”

  1. Lynda says:

    Issa is a joke being played upon the American people. He has been the head of that committee for nearly two years and has yet to accomplish a thing. Well actually he has managed to get a lot of face time on the tube, which is after all his entire agenda. He is trying to claim that the Attorney General, who has appeared before his committee a total of nine times, is stone walling and not cooperating. This charade is just more politically generated twaddle designed to confuse a disconnected public. It will resonate for a few days while the Congress pushes through the nearly trillion dollar farm bill padding the wallets of the well to do while cutting food assistance to the elderly, sick and the children of America. Misdirect is the working agenda of the GOP within the do-nothing Congress. Why, because it works on a disengaged public.

    This man Issa only a couple of months ago stated that he believed that F & F was designed to create a crisis so the 2nd Amendment could be destroyed. And we are suppose to take this fellow seriously? Apparently far too many believe such rubbish. Shame on Issa and his ilk who’ve today stepped way over the line of reason, reality and into the twilight zone.

    • 4BusinessOnly says:

      Attorney General Holder has seized on the deadly violence in Mexico to promote more gun control. He perpetuated the lie that “90 percent” of firearms used in Mexican crime come from the U.S. and he called for resurrecting the 1994 Clinton gun ban; and to justify the illegal multiple sales reporting scheme, which amounts to gun registration for honest Americans who buy long guns in southwest border states.

      There is little doubt that the White House used the Fast and Furious program to advance its gun control agenda. The White House actively sought information from the operation to support its plan to demand reporting of multiple rifle sales by the nearly 9,000 federally licensed firearm dealers in border states.

      Real simple, all Holder had to do was hand over the documents that were requested and the contempt proceedings could have been avoided. Holder and the administration must be covering up something for them to not just hand over the documents.

      • William Deutschlander says:

        4BusinessOnly – do you really beleive the ignorant bullsh-t you just wrote?

        • ctruskey says:

          Well I guess my requesting adult conversation isn’t going to happen on this blog. Oh and if 4BuisnessOnly wrote that I’m going to assume he believed it. And if you want to believe he is ignorant well that’s your opinon and you are entitled to it. Of course if you knew how to engage in adult dialogue you would have left off the ignorant bullsh-t comment.

      • EdC says:

        First since Obama got into office you can now carry a weapon in a national park, which should be an asset as far as you are concerned. Second according to National security positions put into place by the very Republicans the documents are insisting on, are illegal to release. Your statement about gun registration comes with an ignorance of when guns have been confiscated, expecially illegally. In the last fifty years the only small gun confuscation, of civilian guns not over the amount of ten, which constitutes a possible National security issue, was first in Louisanna, under Bobby Jendal, when a white family was stopped, trying to escape the floods of Katrina, and their three guns were taken away, one a family heirloom, and broken up in front of their very eyes, the other time was in Texas, under the present Governor Perry, these weapons were destroyed also. If you just glance These duds (no e) are Republicans, and they let this happen. If that isn’t gun control what is it?

        • ctruskey says:

          Really when Bobby Jendal was a congressman from a New Orleans suburb he was stopping families feeling the flooding caused by Katrina. I Goggled him and this is what I found under Wikipedia: The state’s successful response to Hurricane Gustav was in stark contrast to the failed hurricane response system for Hurricane Katrina in 2005. Jindal received bipartisan praise for his leadership during Gustav. Jindal had been scheduled to address the Republican National Convention, but cancelled his plans to focus on Louisiana’s needs during the storm.

      • Colorado15 says:

        First that is a serious conspiracy complex you have, but second even if were true where exactly is the problem. I don’t understand the NRA oposition to gun registration and controls. My family owns guns, most have multiple guns in their houses. They didn’t go out and buy them all on the same day, who does that? Besides if you legally purchased a gun why is it a problem to register it? I have to register my car, my dogs, campers, boats, etc, so why throw such a fit about registering a gun?

      • oldtack says:

        This is pure unadulterated bullshit propagated by the NRA and the Tea Party.

        No one is trying to “pry your gun from your cold lifeless hands”. Or are you like my nutty neighbor that erected a nine foot fence around his property then covered the cracks between the boards with strips to keep anyone from peering though into his yard. This “patriot” also has 28 hand held weapons and 43 rifles plus countless thousands of rounds of ammunition to protect him from the evil Government.

        He also is a Tea Party supporter and an ardent member of the NRA. Plus – he is also a Neo-conservative Evangelical Christian and is an Elder in his Church?

        That description fits the majority of you right wing wacko nuts doesn’t it.

        Ooze down beneath your slimy rock and have a good day.

    • jimackermann says:

      I want to know what they are hiding. It must be pretty bad or they wouldn’t work so hard to hide the facts. The rest of you, just protect the anointed one. I liked 4BusinessOnly’s last paragraph:

      “Real simple, all Holder had to do was hand over the documents that were requested and the contempt proceedings could have been avoided. Holder and the administration must be covering up something for them to not just hand over the documents.”

      There’s a lot of Kool Aid drinking going on out there.

      • johninPCFL says:

        Hand over documents that it is illegal by Congressional fiat to hand over. So should Holder break Federal law?

        • jimackermann says:


          1.A formal authorization or proposition; a decree.
          2.An arbitrary order.

          Personally, I think “Law” takes the upper hand. And beyond that, I have no idea what “fiat” you are speaking of. I doubt the border patrolman and his family much care about it either.

          This this a very serious issue. In essence, the American Government killed one of it’s protectors; and it appears at it is more important to the careers and party of these people to cover up what happened then to put their big boy pants on and tell the truth.

          I I were of Mexican heritage, I could not vote for an enitity that placed thousands of deadly weapons in the hands of criminals in my home land.

          • johninPCFL says:

            The program was run three times (successfully?) under GWB. The last time was the first and only time this insane program was run under Obama. The program was shut down when the border agent was kiled.

            “Law” as in a federal law passed by Congress after Iran/Contra that makes it illegal for the AG to comment on an ongoing grand jury investigation? The law Holder would have to break to turn the documents Issa is requesting? That kind of law?

            The American Government killed no one. The cartels’ guns being tracked (and lost) did. Or, if you prefer, from the NRA: “Guns don’t kill people. People kill people”. The American Government had no agents travelling with the cartel murderers.

      • metrognome3830 says:

        Slick move, Mr. Ackerman. Darrell Issa would be proud. Get Holder to hand over the documents, and then he could go after him for going against Federal law.

    • ctruskey says:

      Do nothing Congress, okay who is in the majority in the Senate and what have they accomplised over the last two years. Okay so we have a do nothing Congress which includes the do nothing Senate. It’s amazing what other Presidents were able to accomplish when the Congress, including both houses at times, were from the other party. I know this has nothing to do with Holder and Fast and Furious but since Lynda mentioned it I figured I would add my two cents.

      • Lynda says:

        I agree that the Democrats have not been very effective either. However one can’t forget that the GOPers in the Senate have used the filibuster to avoid bringing anything to the floor. The filibuster has never been used as it is being done today and that is being done by the GOP…hence a do-nothing Congress.

      • metrognome3830 says:

        I believe you have one cent of change coming.

  2. William Deutschlander says:

    Issa is an ignorant schill of the GOP, Republicans all he knows how to do is create Republican Bullsh-t!

    Instead of being an as-hole he should wake up to the fact that it is his FIDUCIARY DUTY to represent the MAJORITY of his CONSTITUENTS and their MAJORITY INTEREST not the GOP pet peeves!

    • 4BusinessOnly says:

      I wonder who the real ignorant one on this blog is being you can’t write a sentence with out as-hole or bullsh-t in it. Really shows a lack of intelligence and I guess that is why voters like you put OB in office. OB didn’t even get vetted by the media and ran with less than a one page resume but was marketed like a rock star to all the ignorant voters that voted with out knowing anything about him. Have to leave this blog now as I feel I am talking way over your head.

      • korhal says:

        Sooo, someone expresses their anger at the system and you think they’re ignorant? Please. You’re the ignorant one, huddled under your tin foil hat that has “Fox News” written in sharpie on it. But maybe I’m talking over YOUR head here.

      • tutidiez says:

        No body uses bigger vulgarities than your Tea Party, your favorite friends like Limbaugh, and I do agree to stay away from that, but about Obama your ignorance is exellent, and with your permission you are a complete IDIOT, and I do better leave this blog as I feel I am talking over your head

      • bigspender7 says:

        Wow. You are seriously confused.

      • You my man are a tea party republican idiot of 1 % and your mouth can’t buy a single vote. Its facist like you who will pay for this come November you and boehner, cantor,ryann, mconnel,kochs,rove and norquist . Your end is comming and it won’t be pretty.

      • I hope you remember our choices, in 08 your so call unvetted black male as if that ever happened before in the history of THIS COUNTRY, or the other guy, whom when he made his first major dicession he chose SARAH PALIN as his running mate. He was vetted.

        • oldtack says:

          Hey Vernon Scumbag
          If you can – would you please read your diatribe and then put it in some type of sensible order? As it is – it is nonsensable.

          And one more thing – what is a major DICESSION?

      • sambolina says:

        Pathetic — You!

      • Landsende says:

        Your name says it all.

      • metrognome3830 says:

        Don’t let the door hit you on the way out!

    • EdC says:

      I wish you were right and I did give you a thumbs up, but Issa is not an ignorant shill. He is a calculating sob that has it in mind to kill democracy. In that I should say make a limited democracy, just like all the Republicans have in recent years, in which if the vote doesn’t come out their way we do it again. (Florida) The Republicans beieve it is their ENTITLEMENT and that of the very wealthy to run the country for ever. It was called fuedalism in old Europe, and they are prepared to go fascist to get their way. They should change their name to the Plutocratic Nationalist Party. As far as Issa is concerned his control of San Diego media is circumspect of the so called liberal media. If it were not, how could he win the voters approval in a military town, when he voted to stop pay checks to Military Personel IN THE FIELD during that hold up on raiseng the debt limit last year, and then also voted to LAYOFF 42,000 veterans, when he voted to privatize the post office. These items weren’t allowed to be published in his constituency.

      • jorge says:

        No wonder bloody obama and eric the butcher are in power with people like edc voting,i think there should be a law passed that your I Q should be above 20 before you get to vote

        • Justin Napolitano says:

          Jorge, That would certainly rule you out.

        • joyscarbo says:

          You’re very short-sighted, Jorge. “W” sent thousands of our soldiers to die in a war that he CONNED to the American people with phony intellegence. That tragedy and treasonous act is FAR greater a crime than this gun running story. Or how about the delay in sending help to Louisiana after hurricane Katrina? That was Bush’s responsibility and he just sat on it. Hundred of Americans needlessly died. What about all the people who were hurt by the Enron scandal?

        • oldtack says:

          jorge (horhay) or should I just call you George. You really don’t want those in power to enforce an IQ rule do you? That might mean that you would never be able to vote on anything.

          With that name Jorge you may want to re-evaluate your future as a citizen. Some of these extreme anti-immigrant idiots may decide that you have forged papers and send you packing to wherever it was that your ancestors lived.

          If the one’s for whom you are “rooting” win this election then effective in January all with Latin sounding names will be targeted regardless of “papers” or lineage.

          Better anglicize your name to George.

  3. Fast and Furious was a sting operation designed to infiltrate Mexican drug cartels to learn how they conduct their business, who their contacts are in the USA, and who has been selling them weapons. The latter is, most likely, the reason Fast and Furious was exposed to the public. The NRA, and its minions in Congress, are now going beyond what they already accomplished and are determined to punish those who dared interfere with their subliminal right to sell weapons and buy drugs from whomever they please, to the point that they are insisting on the release of information that would endanger the lives of DEA agents working within the cartel to put an end to one of our greatest threats to our well being. Shame on Issa and the rest of the gang for their complicity in destroying the USA.

    • ctruskey says:

      You’re kidding right?

    • jorge says:

      This is the most idiotic slanted reporting ive ever seen,those guns killed many,many people,obama and eric have a lot of blood on their hands and should be extradited to mexico for what they have done,rep issa just wants the truth,obama apparrently doesnt want the truth to come out,using executive privilege to cover things up,so much for transparency in government,those guns funneled to violent criminals are still killing people today,most people dont care because oh well its just mexicans but rep issa cares and i hope the truth comes out,now its bloody obama and eric the butcher

      • Jacob Shepherd says:

        Is your last name Limbaugh… sure sound a lot like him!

      • Justin Napolitano says:

        Get real, there are millions of guns in Mexico and the effort to stop the kingpins from bringing in more was a good idea. Unfortunately, the implementation had serious drawbacks.
        You right wing people like to make a big deal about an unfortunate killing of an agent but never say a damn thing about us invading Iraq and killing at least a hundred thousand Iraqis. 5 thousand American solders, while maiming 25 thousand more.
        Also how about the 800 billion dollars spent on that useless war?
        Good job right wingers, play up a small incident to divert attention from your own massive shortcoming.

      • joyscarbo says:

        If you want a story that is in keeping with your ideals, you need to go to Fox News Channel and stay there.
        Of course there is a “slant” toward support of the Eric Holder and the president!! It’s called the “other side of the story.” In search of the truth, there are two sides and somewhere in the middle is the truth.

      • metrognome3830 says:

        What you really mean is the story isn’t slanted the way you would like it to be. So you write a reply slanting it your way. So why should we believe you? Where do you get your information? And why doesn’t it square with more principled accounts of the operation? Maybe because you only get your information from that paragon of truth, Darrell Issa?

    • jorge says:

      dominick i believe you to be a moron,and whoever wrote this is foolish

    • Jean C says:

      For the most part you are correct, however with one exception, the DEA is/was complicit in this action and then some.

    • labrown69 says:

      Are you kidding? The reason “this was exposed” is because an American was murdered as a result of American negligence and the buck stops with Holder whether he was personally running the operation or not. Your partisanship is sickening.

      • joyscarbo says:

        If you want a story that is in keeping with your ideals, you need to go to Fox News Channel and stay there.
        Of course there is a “slant” toward support of the Eric Holder and the president!! It’s calle the “other side of the story.” In search of the truth, there are two sides and somewhere in the middle is the truth.

        • labrown69 says:

          Joy – you are ignorant as the day is long.

          Holder is in bed with the banks and everyone knows it.

          Would you tell James Carville he should “go to Fox News”?

          Carville said and I quote verbatim: “If Attorney General Eric Holder can’t offer good explanations as to the state of these investigations, “fire him too.” “Demand answers to why no one has been indicted,” he wrote. “Mr. President, people are livid. Tell people that you, too, are angry and sickened by the irresponsible actions on Wall Street that caused so much suffering. Do not accept excuses. Demand action now.”

          Carville was speaking about other investigations but they apply equally to this one and because Holder has been a liability to Obama long before this debacle, everyone wonders what Holder is holding over Obama’s head? When people like you are more interested in defending the guilty in the name of partisanship than reaching the truth, it makes the right wingers look credible when they say “you think he is a Messiah”.

          This is not a damn football game, it is the future of our nation.

          • Joyce says:

            Carville says whatever his wife suggests. Why didn’t Carville demand the Bush administration to release all documents about Karl Rove, and others?

          • labrown69 says:

            Surprise, Bush is gone and because of the stupidity of partisans like you, soon, so might Obama be

          • labrown69 says:

            You are detached from reality. To answer a really stupid question that does not deserve an answer, sometimes it is better to “look like you know what you are doing” than to actually know what you are doing and that is what a political strategist does.

          • labrown69 says:

            By the way, Carville was never IN government but now that you mention it, why hasn’t Holder demanded that they release all the Bush documents?

          • rustacus21 says:

            … & ignorance is relative, as we try to figure out why Americans voted for the RESULTS imposed upon the nation, by the 2001-2009 administration & why ‘CERTAIN’ Americans are ready to do it again – w/Romney… since we’re on the subject of IGNORANCE…

          • labrown69 says:

            rustacus – While you are dwelling on 2001 – 2009, you might ask yourself why Bill Clinton signed Phil Gramm’s repeal of Glass Steagall in 99 and Gramm’s Commodities Futures Modernization Act, allowing “default swaps” to be sold with no government oversight, without which the cataclysmic results of those years you mentioned could not have happened.

            This is THE most partisan blog on the net. You folks are everything right wingers say about brainwashed liberals and if there was no such thing as the Republican Party our Democrats would still be a bought and sold wholly owned subsidiary the banks.

          • joyscarbo says:

            Sting operations between the US and Meixico involving guns and drugs have been going for well over a decade. Pres Obama has invoked his execuitive privilege on this issue, as he should and has the right to do.
            Repubes don’t give a good damn about Mexicans killing each other with guns no matter where the weapons came from. Remember….your party are the ones who want to deport hispanics. If you can’t stand that Mexicans are in this country, then don’t pretend you care about what happens IN Mexico. Sting operations between the US and Meixico involving guns and drugs have been going for well over a decade.
            You’re outraged by a DEA agent being killed by a gun from one of these sting operations?! Yet you support the war that W waged with phony intellegence. You’re not outraged that thousands of our soldiers were wounded, injured, disabled and killed??!!! Yet you support an administration that comitts war crimes, torturing people? You support trading ARMS for HOSTAGES in Iran by Ronadl Reagan??!! Your party has armed our country’s enemies for our own gain for decades and NOW YOU WANT TO BE OUTRAGED?!!! Forgive me if your righteous indignation sounds a little hollow and as phony as W’s yellowcake and WMD’s.
            You repubes are ridiculous!! It’s only a huge deal because you repubes think it’s another way to discredit Obama and his administration. This isn’t our nations greatest issue. How about jobs and the economy? Whether you like it or not, Obama and his administration have IMPROVED the economy. He has CREATED JOBS. Mitt doesn’t want you to believe that but the numbers prove it. States like Florida and Ohio are boasting that their economies are growing and so are jobs. Republicans are telling them to pipe down and play down their their eonomic recovery and increasing job numbers so that they can make voters believe that Obama failed. IT ISN’T GOING TO WORK.
            Mitt has been spouting, “Obama came into office with a bad economy and he’s made it worse.” Today, Mitty flip-flopped again and said, “I never said the economy got worse.” Congratulations on your future success with your flip flopping, lying, idiot candidate. Obama is going to kick his fancy britches back to wherever he comes from….Massachussetts? Michigan??

          • labrown69 says:

            “My party”? “I support wars”? You are a moron.

            Your blind rabid partisanship is proven by those knee jerk assertions. I was a registered Democrat for 42 years before I re-registered as independent when Obama failed to stand up to Wall Street. I am pro-choice, I support gay marriage and I am open minded to man’s possible role in climate change so spare me your backwards looking “yellowcake” blame Bush rant. Bush is gone. Obama is the president now. You can defend his claim of executive privilege all you want but it is Obama who will be injured by this stupid move, not you. You are just an average dunce but I expected more of Obama. You loons are so hell bent on “being right” that you are going to get Romney elected. The economy was bad huh? When you have a break from your ignorant rant why don’t ya look up The Gramm–Leach–Bliley Act and The Commodity Futures Modernization Act for a few insights into how the economy got that way. Idiot.

            Thanks for the sequel to War And Peace though.

          • joyscarbo says:

            You’re a moron. You don’t like Obama…why? He has been an honorable president. But there’s no sense wasting any further typing effort on you. Go to the “The Blaze” website where you’ll find many Obama-haters and racists…I’m sure you’ll be welcomed

          • labrown69 says:

            Honorable? We know banks committed millions of counts of forgery and perjury and the most massive fraud in the history of the world and yet not one indictment? You have a very curious sense of an “honorable presidency”, especially from a candidate whose platform was standing up to Wall St. Let’s face it, this president could be an axe murderer and you would call anyone that criticized him a racist. I can tell you that a lot of the white voters who elected him are getting very tired of adoring sycophants calling them racists in response to criticism of the most blatant irresponsibility and when this president proves himself inept enough to give us a Romney presidency, one thing we won’t have to worry about is the distraction of race.

          • joyscarbo says:

            No president in modern history has been more scrutinized that Obama. Everything has been questioned from his birth to his schooling to every moment of his predidency. The republicans have proven that they don’t care what is happening on mainstreet. The repbulican party is raising billions from the largest corporate donors, all to unseat this president. WHY??!! He’s not a danger to our country…in fact, he used “real intellegence” and got Osama Bin Laden. Wasn’t he the mastermind behind 9/11? Republicans really didn’t give a crap where he was. It’s just idiotic and irresponsible of YOU to excuse the illegal and scandalous acitivity of the republican party and how they tanked our country, when Obama has done what he could to turn our economy around. Go to any right wing and conservative “news” site and blogs….racism is rampant. I KNOW what racism it and seen it.
            Like I said, Good Luck with Romney. You’re supporting a guy who has no economic plan, except to say that Obama made it worse. You’re doing the same. All WIND and insults with no facts to back anything up with.

          • labrown69 says:

            What is so unique about the magnitude of blind partisanship of the readers on this site is that you presume that because I criticize Obama, I support Romney. I have all the facts in the world regarding Holder and Geithner and his relationship with the banks and what they have gotten away with on Obama’s watch but those things seem to hold no interest for you or anyone else on this site. You only have two responses, 1) Bush’s fault and 2) you’re a right winger. I am here to tell you that no intelligent true progressive is all that thrilled with Obama and until you learn to see your own faults you can not be of value to anyone!

          • AdamMos says:

            Check the electoral map. this election is already over. it is just news agencies who want you to think this is close.

          • labrown69 says:

            Adam – I don’t know which way you mean. I think it is almost impossible for Obama to get re-elected until I remember just how retrogressive today’s GOP really is and then I think, “anything could happen”. Nonetheless, those who are not deeply disappointed in Obama are clueless as to what banks have done and who has quietly allowed it.

          • AdamMos says:

            Sorry for the delay. Obama is cruising to victory according to the electoral map. It is the congressional races that the dems should be very worried about. They will be outspent 3 or 4 to 1 on those races.

          • labrown69 says:

            Muy importante’ we don’t get a Republican in the White House. I think all incumbents should be worried because people are just frustrated and angry. It is slightly amazing that we know for a fact that congressmen and others were bribed by Among those who received sweetheart loans from Countrywide, were:

            —Former Senate Banking Committee Chairman Christopher Dodd, D-Conn.

            —Senate Budget Committee Chairman Kent Conrad, D-N.D.

            —Mary Jane Collipriest, who was communications director for former Sen. Robert Bennett, R-Utah, then a member of the Banking Committee. The report said Dodd referred Collipriest to Countrywide’s VIP unit. Dodd, when commenting on his own loans, said that he was unaware of receiving preferential treatment but knew his loans were handled by the VIP unit.

            The Senate’s ethics committee investigated Dodd and Conrad but did not charge them with any ethical wrongdoing.

            —Rep. Howard “Buck” McKeon, R-Calif., chairman of the House Armed Services Committee.

            —Rep. Edolphus Towns, D-N.Y., former chairman of the Oversight Committee. Towns issued the first subpoena to Bank of America for Countrywide documents, and current Chairman Darrell Issa, R-Calif., subpoenaed more documents. The committee said that in responding to the Towns subpoena, Bank of America left out documents related to Towns’ loan.

            —Rep. Elton Gallegly, R-Calif.

            —Top staff members of the House Financial Services Committee.

            —A staff member of Rep. Ruben Hinojosa, D-Texas, a member of the Financial Services Committee.

            —Former Rep. Tom Campbell, R-Calif.

            —Former Housing and Urban Development Secretaries Alphonso Jackson and Henry Cisneros; former Health and Human Services Secretary Donna Shalala. The VIP unit processed Cisneros’ loan after he joined Countrywide’s board of directors.

            —Rep. Pete Sessions, R-Texas, was an exception. He told the VIP unit not to give him a discount, and he did not receive one.

            —Former heads of Fannie Mae James Johnson, Daniel Mudd and Franklin Raines. Countrywide took a loss on Mudd’s loan. Fannie employees were the most frequent recipients of VIP loans. Johnson received a discount after Mozilo waived problems with his credit rating.

            The report said Mozilo “ordered the loan approved, and gave Johnson a break. He instructed the VIP unit: ‘Charge him ½ under prime. Don’t worry about (the credit score). He is constantly on the road and therefore pays his bills on an irregular basis but he ultimately pays them.”

            Johnson in 2008 resigned as a leader of then-candidate Barack Obama’s vice presidential search committee after The Wall Street Journal reported he had received $7 million in Countrywide discounted loans.

            The report said those who received the discounts knew the loans were handled by a special VIP unit.


          • get ur head out of your a@@ and think with your real brain if u have one lol

          • Bodine666 says:

            —– “Mr. President, people are livid. —–

            No, people are not. Only the right-wing robot crowd is. Everyone else sees this for what it is. Another republican witch hunt to distract the public away from the fact they are not only not doing their jobs, but are intentionally keeping the economy down and unemployment artificially high by having their repub cronies in the Red States firing police officers, fire fighters, and teachers.

            If you cons would ever get outside your right-wing bubble you’d be amazed what the real world looks like. Of course you won’t do that as long as the repubs keep the patriotic music going and telling you the man in the White House is ‘not one of you.”

          • labrown69 says:

            Not ONE SINGLE PROSECUTION from Holder’s Justice Dept subsequent to the the most massive fraud in the history of the world and still your brainwashed loony tunes chant “I am not worthy”. Some of us think we are.

      • oldtack says:


        You are as full of crap as a Congressman and about as astute.

        Do you have any inkling of how many hundreds of these operations have been undertaken? Do you have any inkling of how many achieved desired results that saved our Nation from disasters? Do you have any inkling of how many were sabotaged by “loose lips” in the Government that resulted in the loss of multiple lives?

        Or are you just the typical myopic idiot that sits like an amorphous object absorbing all the rot that flows across the right wing nut part of our politically polluted media and airways?

        Go crawl back under your rock before you pollute this forum further.

        • labrown69 says:

          Oldjerk – “Do I have any idea how many of these operations have saved our nations from disaster”? Obviously not too many, because the drug cartels are the de facto government of Mexico. I notice you have created an entire paragraph without saying anything. Your prose aint real good and I understand that it hurts to realize that the real purpose of this operation was so that home boy could seize guns in Mexico and say “ya see, it’s those damn American gun manufacturers and that damn NRA that are the problem, not those kindly drug cartels or illegal aliens so we better pass more gun bans and open the border” Sadly they got one of our boys killed. Thanks for playin ya dumb sh*t!

          • oldtack says:

            lappy head

            In your jerkwater response you repeat my first question and then answer “obviously not too many”. That shows you know absolutely nothing about covert operations. That is the only logical sentence in your entire diatribe. The rest is just wild rambling and totally ignorant allegations.

            Your “fiery’ disjointed response does give everyone on this forum a glimpse of your true character. Your true character is that of a sponge that soaks up all the bilge of the media and regurgitates it in it’s entirety without ever using what little brains you may possess.

            Again – go crawl under you rock and join all of your right wing nut idiot friends. And – do have an enjoyable evening.

          • labrown69 says:

            You are married to a party line and nobody of any intelligence on the right or the left fits that description. Nothing could be funnier than a brainwashed liberal posing as an expert on “covert operations”. Your idea of a covert operation is probably not getting caught pleasuring yourself in the closet.

          • oldtack says:

            Hey 69er
            That last sentence makes me wonder. Are you perhaps kin to Jerry Sandusky?

          • labrown69 says:

            No, but your Mother is. She pulled a train for the entire Penn State team! The last guy on said she was lousy!

          • oldtack says:


            On this or any forum it is enjoyable sometimes to trade barbs with someone diametrically opposed to one’s view. I question your intelligence and call you a right wing idiot. You tell me I am an ignorant liberal and so on. To me it is all in jest. I do not know you and you do not know me but if we ever met I think you would find we are not as politically different as you perceive.

            The barbs and aspersions should be kept solely between us. One should never bring Mothers into any discussion. My Mother was born 111 years ago. She raised 13 children on a hard-scrabble farm. She was an honorable woman and a devout Christian. She does not merit any slanderous sexual slurs.

            With this – I end any further conversation with you. And I do sincerely wish you a good day.


      • rustacus21 says:

        We don’t have the border problems we had w/the last administration. We don’t have the unemployment problems either. Nor the government corruption problems @DOJ, FEMA, EPA, or a host of other agencies wasting taxpayer $$$ between 2001-2009. So if U understand this issue & program are just 1 of MANY leftover CRISIS from the LAST administration, U then understand partisanship as Congresspeople putting their own selfish self-interests ahead of the nation’s – like Issa. As if he has nothing better to do, since he’s looking for corruption, maybe he should try & figure out why banking rules (I know that’s not his ‘committee’, but…) weren’t tightened up to prevent JP Morgan from ‘gambling away’ 2 (?plus?) billion of $$$ desperately needed dollars in the private sector for LEGITIMATE small business interests, to compete against corporations & put MIDDLE CLASS AMERICANS back to WORK!!! But as he suffers from ‘partisan’ oblivion, he no doubt hasn’t noticed such things…

      • skeeter1314 says:


        • labrown69 says:

          What would you morons do without Fox News? Who do you think had the responsibility for the operation? Rex the f-ing Wonder Horse? Yes, Holder as the Attorney IS who is responsible. You are an uneducated baboon!

  4. hilandar1000 says:

    Issa and others like him should be tried for treason. They are not serving their constituents, but instead are serving the likes of the NRA, Grover Norquist, and the Koch brothers. They have betrayed the trust of the people and monopolized the time of others who ARE trying to carry out the jobs they are entrusted to do. Maybe his father would “buy” him off of the charge of treason too — that could go a long way towards balancing the budget.

  5. EdC says:

    If Issa and the Republicans decide that Holder is in contempt, and they arrest him and put him in the capital prison. Then they could be brought up on charges of false imprisonment. I actually hope they realize that, because when they get arrested, their isn’t enough room, in the capital prison, to hold them all. I guess we would have to put most of them in Gitmo, after all they insisted to keep it open, and the rest of the prisons are full. However the crap they have pulled for the last twelve years against the people of the United States of America, it would serve them right.

    • ctruskey says:

      Wow you truly do understand how this contempt thing really works don’t you? Okay I’m kidding you have no idea do you?

    • ROFL, Lay off the bowl, dude! You think Holder is going to Prison? Did Tricky Dick go to prison? A presidential pardon is all it takes. And if Obama would not give him one, well, whatever he did must be really bad…

      Speaking of Obama, at what point did he get involved? I mean to invoke executive privilege, legally, this must have been for *his* office. He says he has not been involved. Is he now going to say that he lied about that? His privilege only can be invoked if *he* is involved. I think he did a big boo boo by doing this. Basically, if there is *any* wrongdoing, he has *tacitly* stipulated that he was involved in that wrong doing. And I always thought Obama was smart, if not correct…

      • You know, now that I say that, I have to wonder a bit. What would motivate Obama to make such a move? He would be advised upon this point, I am sure, so he cannot be unaware of it, or his advisers are absolutely worthless. Holder must have something on him, or there must be something that will come out that is so damning that even a Democratic Party controlled Senate would have to Impeach him on it if it ever came to light. Maybe he *did* know about this from early on. If so, Holder and Obama were already on very thin ice. They collectively have lied and misrepresented their knowledge, if not their explicit approval of, Fast and Furious. That colors this in a way I can understand it. There could be other reasons for this move on Obama’s part. I get the feeling that he invoked executive privilege because he *was* involved, and because he was aware of that fact and how he could invoke privilege on that basis, he went forward on it without quite understanding the implications he would have to make by doing so. Honestly, anyone he shared this with would have to know he was involved, so it might not occur to them that they were implying something that everyone did not already know by invoking privilege. It is a Freudian Slip of sorts, but of the greatest implications.

        Now I am really rolling on the floor laughing. I may have to ask EdC to pass the bowl, this calls for a celebration!

  6. John_Thomas_Patrick says:

    We are never going to clear up the mess in Washington until we have term limits. We get too many unscrupulous people who see politics as a lucrative career choice, not as a service to their country. As long as special interest groups or individuals can influence legislation by raining money on Washington we will have the mess we now have. Dale

    • ctruskey says:

      Finally some adult conversation here.

    • Landsende says:

      Finally a rational comment. Issa, McConnel, Boehner, Reid, Pelosi and all the career politicians need to go and special interest groups need to be banned then we need to elect politicians that can’t be bought by these special interest groups and will work for the good of their constituents. Maybe then we can go back to having politicians we can be proud of.

  7. jellis says:

    Let me get this straight. Issa was conviced of a misdemeanor unregistered gun possession charge and that has led him to go out on a crazy vendetta against Holder? … Amazing stuff Joe, amazing!

  8. tutidiez says:

    This is just about a distraction from the GOP to stay away from the real issues that the American people are concern, they also are doing this because Mitt Romney is running out of lies and false promises to the American People so they have to come up with all this BS until Romney and his bunch of henchmen figures out what else they scratch from the past then they pass it to Fox News and Rush Limbaugh, even if it is a trafic ticket, after that they must include Obama even if they have to bring back His Birth Place, The American People must open their eyes and see what kind of crooks and liars the GOP’s are and get rid of them or this Country is never going to get out of the situation we are in and with a Republican President things will be even worst, “how fast and easy we forget”

  9. What’s the real issue?

  10. I would’nt use the word ‘complicity’, its far too generous. ‘Gross stupidity and maniacal incompetence’ would be more suitable adjectives to describe Rep Issa!

  11. bigspender7 says:

    Forget al-Qaida and the haqqani network. America’s worst enemy is Rep. Darrell Issa and his Republican colleagues.

    • ctruskey says:

      Really. No matter what I might think of any American politician I would never ever think of comparing them to Al-Qaida. I might not agree with a politician but I know he/she isn’t out to kill me because I’m an American or kick women out of school because they are female or ban music, TV and sports. Really you compare an elected representative to Al-Qaida. You should be ashame of yourself.

      • Bigspender says:

        I agree with you in part, i.e. republican lawmakers are probably not out to kill US citizens. However, when you consider the real risk to the well being of this country, those arab extremists have far less ability to do us harm than congressional republicans who continue to prove almost every day that they are working for only a small segment of the population and the rest of us be damned.

  12. issa resign now you are a crimanal to the American people as well as Holder. You are costing this country millions of dollars with your phoney accusations. We the people that have seen your past are telling you to resign now.

  13. elcoquipr_1 says:

    It just shows who the real good guys are. Not everything that shine is gold. We the people better learn how to vote and to save our democracy from these facist GOP right wing who claims to be the true path to Americanism, but are only money hungry leaders to their party. That benefits from the ignorance of their people , who supports their party who think that they are being represented by their leaders who really representing themselves.
    The 1% percent.

  14. Apparently, the only thing Mr. Holfer is guilty of is holding high office while black. I’ve been following the hearings, and there’s nothing here.

    • ctruskey says:

      Really, the racist card again. What do you mean following them? Watching them on TV, reading about the hearings in the paper, reading Blogs about them? I have to work so I depend on the local, national, and cable news, newspapers and magazines I see and read after work. I’m off work today so I’m reading this blog.

  15. ctruskey says:

    I can’t believe this was written in the third paragraph “The Fast and Furious fiasco originated during the Bush administration”. Come on blaming Bush again. If it was Bush’s fault that this US Border Agent was killed don’t you believe the Dems would be all over it especially Holder. And then in the last paragraph for this Blog the writer goes after Issa’s past behavior. By God really. What Dems can’t do anything wrong, can’t make a mistake and then try to hide it. Come on let’s have s0me adult conversation here instead of all this BS child’s rant.

    • johninPCFL says:

      If you investigate, you’ll find that three different gun release programs were run by GWBs ATF. This was the fourth in a series of bad ideas, and was shut down before the agent’s death.

      • ctruskey says:

        I know of other “gun release programs” that the AFT did under GWB, but like you said they were shut down and yet Fast and Furious is started an a US Border Guard is killed. So let’s find out why and not blame Bush.

        • johninPCFL says:

          Why were none of the other programs’ documents requested? Why not compare successful programs (?) against the one that failed to see what had changed? Why were none of the agents from the office directly involved interviewed by Congress? Why were Ashcroft and Mukasey, who set up the guidelines, not interviewed by Congress? Why are the documents now being requested (the ninth request for new documents) when they are for dates far past the agent’s death? Why is the House demanding that Holder directly violate Federal law?

    • metrognome3830 says:

      Perhaps you should do a little investigating ctruskey. It did begin in 2006 and if my memory serves me right, George W. Bush was president. You make a lot of noise about “blaming Bush again,” but when the facts say he would have been involved, you quickly rush to blame Obama. I guess facts don’t figure strongly in your arguments.

  16. quasm says:

    Mr. Conason;

    It appears that Pres. Obama’s Justice Dept. supplied weapons used to kill a U. S. agent and many Mexicans to effectively entrap American gun dealers. This goes beyond cynicism to outright evil.

    If your contention that this was the Bush administration’s policy were true, the committee investigating this outrage would have been flooded with documents proving so long ago.

    Dik Thurston
    Colorado Springs

    • johninPCFL says:

      They have been flooded with documents, over 7600 so far. The ones being requested now are sequestered as they have to do with an ongoing federal investigation, and one of Congress’ laws prevents the AG from releasing the documents now being requested. Should the AG break federal law?

      • Tim says:

        it’s been documented that it started during the Bush years,,,the killings occured during President Obama term ,,,,that what they say matters. The only qustion I have for the intelligent ones out there ,, is if Obama-care was only 2700 pages and congress couldn’t understand that,,,,how in the world will they understand 7600 pages ?????????

  17. Don B says:

    As ususal the Republicans don’t want to go back to the Bush Era when Fast and Fursious began—-that would be digging too deeply. They need to call up the bright boys who thought this gambit up and get some answers from them as well as current agents and administrators who’ve been involved in this. This all goes back to the same issue—the War on Drugs is a total flop/failure. All drugs should be legalized and addiction issues treated as a MEDICAL issue and not a legal one. Think of all the billions we’d save on building prisons that are holding non-dangerous users.

  18. labrown69 says:

    Lawless marauding? You gotta be kidding. Whether the Republicans are conducting a witch hunt or not, let’s remember that a real American is dead because these clowns were grossly negligent and “I don’t know” is not an adequate answer from the guy whose job it is to know. Furthermore, Holder is a slime bag whose works for the banks, not the American people and he should have been gone a long time ago as James Carville suggested. You dunderheads are so bent on being consistently anti-Republican that you are cutting off your nose to spite your face because it is not Holder who could soon be gone as a result of this but rather Obama.

    • metrognome3830 says:

      Oh come now, labrown69. You don’t want to get rid of all the slime bags in Washington, do you? What would we do with all those empty offices and buildings?

      • labrown69 says:

        Metrognome – we could make them into discos!

        James Carville – “If Obama cannot course correct, the country could soon have a “crazy person” in the White House. As I watch the Republican debates, I realize that we are on the brink of a crazy person running our nation,” he wrote. “I sit in front of the television and shudder at the thought of one of these creationism-loving, global-warming-denying, immigration-bashing, Social-Security-cutting, clean-air-hating, mortality-fascinated, Wall-Street-protecting Republicans running my country.”

  19. arlanhp says:

    The Imperil Darrell Issa, has had a infflated opinion of his value for many years. In his first year as a congressman he raised “cain” about the border patrol existence in San Diego county and wanted them closed on Interstate 5 an15, because they slowed him down as he raced up and down the freeway in his quest for importance. As a resident of his congressional district. I think the oversight comity should compare the expense of his
    self permotion. Glossy print mail outs, mass phone call “town hall metings etc.

  20. Angel says:

    KEEPING IT THOUGHTFULLY HONEST: Open Letter to Senator Charles Grassley of Iowa: I share the concern for the safety of our agents, but, maybe Mr. Issa should explain to the parents of Brian Terry, if Mr. Issa was concerned about this serious gun running and gun buying issue by the Drug Cartels in Mexico that contributed to the loss of lives such as our Agent Brian Terry, he would be taking the lead to create legislation to close the loop holes that currently allows whomever to buy guns without any documentation at gun shows! THE INCONVENIENT TRUTH: But since Mr. Issa takes his $$$ from lobby of the National Rifleman’s Association, this is not a politically workable for him and his republican political prostitutes in congress. And finally, why was there no such curiosity when this same program “Operation Wide Receiver” was started during the Bush Administration? Maybe Mr. Alberto Gonzalez needs to get a subpoena to find out how this was all started? Don’t you think?

  21. pisces63 says:

    IIt started under President Bush and what makes the request bogus , they are not asking for the original records. That’s why it is no more than another bald faced lie from the bigoted right. A black man who told them about themselves and does not reflect. This from people who dawned and drooled over the bankers ripping off people. Spare me.

  22. pisces63 says:

    So not true. I voted for him because the opposite would have been disastrous. See, I can spell, punctuate and call no one a name(don’t press your luck). I’m also black and know the the agenda of Bull Connor and the rest. Oops, Mitch McConnell. Put on deodorant, that’s your BO you smell

  23. Lynda J says:

    Exactly, why did this not come to play when Bush was in office. Why did it happen now? Because it is an election year. I really don’t believe that Issa can do anything to tant the election because it has been already decided who will when the election; anyway. It has nothing to do witht he polls. The Electoral votes is the deciding factor; this is just like the Florida election when Bush stole the election from Gore; and recount was bullshit. This is garbage and I hope the people of the United States have their eyes open to the crap that is being served up……

    • 13observer says:

      Because Agent Brian Terry wasn’t killed when Bush was in office! Please know what the fu*k you are talking about. This was a trick to fool the American people to into believing that U.S. gun owners are responsible for drug gangs, when we all know that “illegal drugs” come from “illegal aliens”. The only laws Obama wants to enforce is taking guns from law abidding U.S. citizens and that is going to get him this; OBAMA, YOU’RE FIRED!

  24. jebediah123 says:

    Wait a minute, let me get this straight—–you’re saying that the few hundred or thousand weapons infiltrated into mexican cartels was a big deal? Unfortunately, an american citizen died. Very dangerous job, working in border control.

    Now let’s get to the guns. What I’m supposed to believe is that these few thousand weapons made a big difference to drug cartels making an estimated TWO BILLION DOLLARS a year. In all reality, they probably have contracts with North Korea or China for their ordnance needs.

  25. And Wouldn’t You Know It Bush Was The One Who Put This Act In Place!!!

    • 13observer says:

      So Fern, can I call you Fern? What does Bush have to do with this? He is no longer in office, he isn’t running for re-election Agent Terry wasn’t killed during his tenure. This is a story about Eric Holder trying to corroborate a failed attempt to persuade Americans that guns are the reason for drug wars and killings when everyone knows that guns don’t kill people, “illegal aliens” do!

  26. dljones says:

    Vila: Your Demo partisanship assertion is showing. Why do you need to know how the Cartel works by placing American guns into known criminals laps? Come on, this is equal to the simplicity of following a kid to the candy store.
    Holder provided
    no more than anemic avoidance to the oversight committee. This was street talk already confirmed through the death of Federal Agent Brian Terry. Jay Carny said to the press core, “their are more important matters of importance than a “fishing expedition.”
    The left and right should
    be ashamed to let such an despicable act 18 months of convenient cover up.

    This occurrence has never failed, “Of those with the truth will eventually come forward.”

  27. Joyce says:

    Rep. Issa is a thug and should be disciplined by GOP.

  28. 13observer says:

    “looney suspicions”…..? Remember when Hillary was blaming U.S. gun owners for the drug cartel violence on the border? At that time the administration was trying to disarm America by getting the public to buy into this propaganda about the only reason drug cartel exist is because the U.S. is supplying them with guns Ha Ha! Americans aren’t that stupid. With all the “illegal aliens” running around and NO MORE ENFORCEMENT of immigration laws, I look for more people buying guns and getting permits to carry concealed as they to protect themselves from WHO KNOWS WHAT, Obama sure don’t. This we surely be the end of him in November! He screwed Labor, so screw him.

  29. 13observer says:

    Why does this administration care about enforcing gun laws so much, they don’t give a fu*k about enforcing immigration laws! With the latter costing us so very much more.

  30. rustacus21 says:

    Wrong!!! This program was BAD from the start, to put weapons in the hands of psycho criminals? But only from the minds of conservatives… There was & still ARE better ways of getting the results ‘Fast & Furious’ tried to accomplish. Undercover works is dangerous, but that’s what law enforcement is for. Leaving this program intact by this administration was a mistake, but looking forward, a mistake which can be corrected… w/more Liberal/Progressives in office, many MANY less conservatives, like Issa… If Americans can tune out the corporate media madness long enuff to think straight…

  31. rustacus21 says:

    Comparing this administration to the 2001-2009 & it sounds like U voted conservative, it’s a no-brainer which performed superior, on behalf of the American people. So if I were U, I’d be careful about flinging around terms like “bloody” (Afghanistan debacle) & “butcher” (Iraq catastrophe), or challenging some 1 else’s IQ (i.e., the ‘lost/stolen’ 7-12 billion crazily sent by PLANE to Iraq, for ‘reconstruction’ purposes), when no great IQ rating is required to show the 2001-2009 administration was an utter failure! This administrations only failure was not completely separating itself from ALL the policies of that administration… oh yea, & the conservative Congress possessing a mindset of 1861 confederate southern America. & since U have all the answers, maybe U can wake them (Congress’s conservatives) out of their past-regression hallucinations…

  32. This as most of our troubles started with the Bush Administration.Of course this has been left out.If this right wing gang gets in power we are all in serious trouble.The hate is unbeliveable.A decent man can’t be President in the country without being contiually attacked and disrespected.

  33. JohnR says:

    The GOP has only one goal and that is to discredit Obama even at the expense of the US and its citizens.

  34. Operation Fast and Furious was Obama’s gun running scheme. Bush’s gun running scheme was Operation Wide Reciever. The reason no evidence was uncovered is because AG Holder refused to turn it over. Obama then invoked executive priviledge to prevent Issa from obtaining the evidence….

  35. Can anyone on the right explain to me how anyone with half a brain — not to mention two very bright people like Barack Obama and Eric Holder — would EVER have believed that “walking” 1,400 guns into Mexico (just under 3% of the 68,000 American guns the Mexican drug cartels were using) was going to make it possible to get serious gun control legislation through Congress…or to impose serious gun control by executive order? There’s NO way! It wouldn’t have happened! Even if every one of those 1,400 guns could be proven to have assassinated a Mexican or American politician, police officer, or border patrol agent, there would STILL be NO momentum for gun control legislation in the U.S. And as much as you hate Obama and Holder, you HAVE to be smart enough to recognize that they’re not stupid enough to think this insane paranoid delusion would have worked!

  36. sleeprn01 says:

    The problem is not the investigation, it is the right wing conspiracy theorists spinning scenarios that are not possible. Mr. Issa et al need to go back and take 9th grade civics so they can learn how our government works. President Obama can’t abrogate the 2nd amendment, that would be up to the Congress and the people to do. Remember this sting operation began in 2005 under President Bush. Yes, this should be investigated if for nothing else to find out what went wrong and to insure that it doesn’t happen again.

  37. Roy Crim says:

    operative word….TRACK….this spin was needed…the faithful have looked badly…without talking points to obfuscate the facts…the Obama Administration was using this to make a false flag situation related to the 2nd Amendment…too bad they are the gang who cannot shoot straight with a leader who for a law student sure has proven he was a pretty face at Harvard…between Executive Privilege in a felony and Marbury vs Madison…he has definitely illustrated he has little retention from his school days

  38. Steve Jensen says:

    Holder can’t turn over the papers because he needs to use them to wrap guns for his new program, “Christmas Guns for Convicts”. Holder needs to turn over the documents. If there is nothing to hide (which there is) then there should not be an issue. The problem is that the documents will show the connection that Holder has and should be tried as an accessory to the murder of the border agent.

  39. If anyone is over concerend with the death of the border patral agent in the execution of his duty, then what about all those that have died in IRAQ, another Bush FOLLY!

  40. I dont respect the NDAA assassin, but the Republicans once again have a solid grip on a hot coal.

  41. labrown69 says:


    We now know that in all but a scant few cases, the loan was (1) not documented properly in that it identified not the REMIC or the investor as the lender and creditor, but rather a naked straw-man that was a thinly capitalized or bankruptcy remote relationship and (2) the loan that was described in the documentation that the homeowner signed never occurred. The third thing, and the one I wish to elaborate on today, is that even if the note and mortgage were valid (i.e., referred to any actual transaction in which money exchanged hands between the parties to the agreements and documents that borrower signed) they never made it into the “pools” a/k/a REMICs, a/k/a Special Purpose Vehicle (SPV), a/k/a/ Trust (of which there were none according to my research).

    The fact that the loan never made it into the pool is what caused all the robo-signing, fabrication of documents, fraudulent documents, forgeries, misrepresentations and corruption of both the title system and the court system. Because if the loan never made it into the pool, the investment banker and all the intermediaries that were used were depending upon a transaction that never took place at the level of the investor, to wit: the loan was not in the pool, the originator didn’t lend the money and therefore was not the lender, and the “mortgage” or “Deed of trust” was useless because it was the tail of a tiger that did not exist — an enforceable note. This left the pools empty and the loan from the Superfund of thousands of investors who thought they were in separate REMICS (b) subject to nothing more than a huge general partnership agreement.

    But that left the note and mortgage unenforceable because it should have (a) disclosed the lender and (b) disclosed the terms of the loan known to the lender and the terms of the loan known to the borrower. They didn’t match. The answer was that those loans HAD to be in those pools and Judges HAD to be convinced that this was the case, so we ended up with all those assignments, allonges, endorsements, forgeries, improper notarizations etc. Most Judges were astute enough to understand that the documents were fabricated. But they felt that since the loan was valid, the note was real, the mortgage was enforceable, the issues of where the loan was amounted to internal bookkeeping and they were not about to deliver to borrowers a “free house.” In a nutshell, most Judges feel that they are not going to let the borrower off scott free just because a document was created or executed improperly.

    What Judges did not realize is that they were adjudicating the rights of persons who were not in the room, not in the building, and in fact did not even know the city in which these proceedings were being prosecuted much less the fact that the proceedings even existed. The entry of an order presuming or stating that the loan was in fact in the pool was the Judge’s stamp of approval on a major breach of the Prospectus and pooling and servicing agreement. It forced bad loans down the throat of the investors when their agreement with the investment banker was quite the contrary. In the agreements the cut-off was 90 days after closing and required a fully performing mortgage that was originated utilizing industry standards for due diligence and underwriting. None of those things happened. And each time a Judge enters an order in favor of for example U.S. Bank, as trustee for JP Morgan Chase Bank Trust 1234, the Judge is adjudicating the essential deal between the investor and the investment banker, forcing the investor to accept bad loans at the wrong time.

    Forcing the investors to accept bad loans into their pools, probably to the exclusion of the good loans, created a pot of s–t instead of a pot of gold. It isn’t that the investor was not owed money from the investment banker and that the money from the investment banker was supposed to come from borrowers. It is that the pool of actual money sidestepped the REMIC document structure and created a huge general partnership, the governance of which is unknown.

    By sidestepping the securitization document structure and the agreements, terms, conditions and provisions therein, the investment banker was able, for his own purposes, to claim ownership of the loans for as long as it took to buy insurance making the investment banker the insured and payee. But the fact is that the investment banker was at all times in an agent/fiduciary relationship with the investor and ALL the proceeds of ALL insurance, Credit Default Swaps, guarantees, and credit enhancements were required to be applied FIRST to the obligation to the investor. In turn the investor, as the real creditor, would have reduced the amount due from the borrower on each residential loan. This means that the accounting from the Master Servicer is essential to knowing the actual amount due, if any, under the original transaction between the borrower and the investors.

  42. labrown69 says:

    AN article in the Financial Times shows an amazing understanding of securitization, derivatives and the actual path of money. It also introduces a new term–“credit support annex (CSA). CSAs merely made the already incomprehensible financial structure even less understandable. But they are important because that is where actual assets, actual money and actual financial transactions are taking place.

    The article below deserves several readings. Those that master it will understand completely the untenable position of the United States’ financial condition. The governments of each country are constantly engaged in trading and creating derivatives, insurance, credit default swaps and other credit enhancements as they hedge all perceived risks. The problem is that the dealer keeps on dealing whereas the original transaction remains unchanged. In our case the US government used taxpayer dollars and private companies used shareholder dollars to pay off the original transaction—the loan from the investor lenders to the homeowner borrowers.

    The reason for the stream of fake securitization documents was to enable the dealers to keep on dealing, which they did. In some cases they leveraged the same loan or group of loans as many as 42 times that has been documented. Since most of these deals are undocumented we can comfortably assume that the actual figure is a multiple of 42 times given the current state of credibility of the 18 banks that dominated the mortgage securitization market.

    With each deal, the margins kept spreading in virtual dollars, while the real money remained unchanged. When the real money was repaid to the creditor or the creditors agents (the dealers) the trunk of the tree disappeared. The acceptance of payment by a creditor from any obligor or co-obligor extinguishes the debt. This is black letter law in all 50 states and all federal decisions as well. But the dealer keeps on dealing as though the trunk of the tree was still there. In a 2-dimensional sense the dealers are drawing out branches and sub-branches of various “trades” based upon a nonexistent base (the original loan).

    The reason the banks are so scared of discovery in litigation and why they settle any case in which a judge enters an order for them to open their books is that it would be obvious to a first year accounting student that there is no substance to the subsequent trades of the dealers and no substance to their current trades since the base transaction was no longer present.

    The moment all was paid by the creditor, directly or indirectly through the investors creditors agents trading should have stopped. Any future trades after that point were pure fraud since they pretended that the loan still existed. All prior trades should have been required to settle immediately. Thus eliminating the appearance of branches on a tree with an invisible trunk.

    Had the bankers been operating honestly (perhaps an oxymoron) the ground would have been clear, the paperwork exchanged, and the accounting complete, leaving some dealers “in the money” and some dealers “out of the money”. If they were dealing honestly the amount of money “in the money” would have been equal to the amount of money “out of the money”. The result would have been no loss, no federal bailout, no mortgages, no liens, no foreclosures, no notes, and no obligations on the original transaction.

    What arises is the possibility of a case in which a party has paid money to satisfy the creditor, directly or indirectly (through the investor creditors agents) against the homeowner for money that they actually lost. But unless they actually purchased the loan which they did not (according to any of the paperwork I have seen or heard reported), there could be no foreclosure on any part of the debt. In fact, while the debt or obligation might continue to exist under the law, the absence of an actual creditor seeking payment might result in the homeowner receiving a windfall. This windfall is but a small percentage of the windfall made by the dealers who kept on dealing and were bailed out in an amount far exceeding the total of all money loaned during this 10 year period. Thus the dealers used investor lender money to fund 13 trillion dollars in loans, experiencing no more than 2.5 trillion in defaults, while claiming and receiving no less than 16.6 trillion dollars from the federal government plus settlements on insurance, credit default swaps and credit enhancements.

    Somehow the windfall of the bankers has been made to appear more politically acceptable than the windfall to homeowners whose tax dollars paid for the windfall received by the dealers. What a country!!

  43. John_Medlin says:

    When is the US going to stop giving guns to criminials. The Bush arm of the GoP/ NRA started this mess and AG Holder of the DNC ended it, thank goodness! Guns kill so stop giving, selling or what ever.

  44. labrown69 says:

    No, what YOU are saying is no Democrat is EVER responsible for ANYTHING. It must be Bush’s fault.

  45. John_Medlin says:

    Fast and Furious was the continuation of a GoP/ Bush operation that armed drug cartels and undermined the Mexican government ability to keep people safe. Another operation that armed one side of a conflict to weaken bothsides and then try to control the outcome. When are we going to stop spending money on interfering with other conutries and mine our own business.

  46. labrown69 says:

    Bodine – a wise man once said “just because someone may be paranoid, that doesn’t mean there is nothing to be afraid of”. This clearly is a “right wing witch hunt” by Issa and his henchmen BUT the reality is that Holder is the scum of the earth, an enormous liability to Obama and in fact has allowed the most blatant bank fraud in the history of the world to go not just prosecuted but not even investigated. If you drop your trousers and bend over and spread em wide enough, by and by someone is bound to oblige you. This is politics and there is always someone waiting to take potshots but there is NOT ALWAYS such and easy and deserving target as Eric Holder. He needs to be fired.

  47. Richmond says:

    Joe Conason is a big dope. He is following the party line in attacking Issa, and clearly he is nothing more than a shill for the MSNBC haters. He ignores that Holder lied to congress, that is at the crux of this probe. He equates a Bush era operation, which was nothing like F&F, in order to find some kind of guilt by association. Consason is truly lacking in any seriousness.

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