June 15, 2012
This is the Ultimate Liar's Club
Here's a little bit of advice you can use to make money.
There's big money in lying.
I'll show you how it has worked for people like Beth Jacobson, who fell off the Wells Fargo "stagecoach from hell" after making millions pushing subprime mortgages there.
And for Jamie Dimon, who I'd love to see get kicked off the JPMorgan gravy train, where he's been lying for years, while making himself hundreds of millions, to ING Bank, who lied about doing business with Iran and Cuba to make millions in fees.
Here's the thing ...
When you know how the Matrix works, you can make money on the lies building up, and then make money on them being exposed for what they are.
First, let's get back to our liars, because there's a lot of humor in seeing them get caught in their lies...
One Woman's Liar Loans
So, I'm reading this piece yesterday in the Washington Post about Beth Jacobson.
As I said, she used to work for Wells Fargo, peddling a lot of subprime mortgages, and now she's calling them out on their "stagecoach from Hell" practices, ripping people off and everything.
And I'm flat-out laughing so hard that I actually start choking. I'm choking on the crap this woman is spewing, and on this garbage article that is so inane that it's embarrassing as a piece of journalism, or whatever it's supposed to be.
It makes me realize that, while I may be an annoying, in-your-face, no-holds-barred hammer at times, at least I take a stance for the truth.
Now, You Don't Have To Pay Lots Of Money To Make Lots Of Money
In any case, Ms. Jacobson is now something of a whistleblower (though not really from the "inside" anymore, because she's been out of Wells since 2007), on account of her claiming that the bank's practice of targeting certain minorities and folks stupid enough to believe they were making millions - which they weren't (and good thing they didn't have to prove it by being talked into some high-interest no-document loans, against their better judgment) - and getting liar loans to buy houses they shouldn't have dreamt about even at twice their actual incomes.
But, before she realized that Wells Fargo was a bad egg, harming all those innocents, this woman was the bank's No. 1 salesperson (in the whole country, folks). She was selling, you guessed it, subprime mortgages. She was making a lot of money selling up to $50 million worth of liar loans and other toxic crap to her flock of innocents, year in and year out.
Then, strictly by pure chance, or God's will - I'm never sure which is which sometimes - in 2007, right around the time that the subprime market hits a brick wall, poor little rich girl Beth is outed, I mean ousted, from Wells. Something to do with production; who knows for sure?
Now, though, the lies that she is foisting on the public are revolting.
She made millions soaking innocent homebuyers by placing them in high-fee (it's all about the fees, folks; it's always about the "what's the best fee for me" deal, screw the Muppets) mortgages. As strange as this might sound, these are the same high-interest loans that these dumb (I mean innocent) homebuyers got saddled with. (You see, it's the high interest rates that account for the high fees the salespeople are paid, or maybe it's the other way around, either way... you get that, right?)
Then she decided to blow the whistle. Why? Oh, because her new job (she's a self-employed, do-gooder, pay for services, for profit, you-know-what) is all about helping the same poor people she set up like bowling pins get their lives and foreclosed homes out of the gutter, for a fee... did I say that?
Now, let's say you're really good at lying. Then you get to run the liar's lair.
Read full article By Shah Gilani, Capital Waves Strategist, Money Morning Money Morning .. Here
