Tapsearch Com EditorCleveland's Mayor Jackson takes on banks in lawsuit
January 23rd 2008 19:36
Bizarre Politics Reports:
Mayor Jackson sues the system
Mayor Frank Jackson in Cleveland Ohio. USA, has taken on the populist image of President Andrew Jackson. President Andrew Jackson served as President during a time when oour democracy was being severely challenged. The fate of the U.S. survival was in question. The North and the South were talking about splitting. There were the Indian wars in the west and the British were trying their best to take America back.
Andrew Jackson, was an "everyman" rising up from the bottom. He believed in Populism where in a democracy the people literally ruled and not elite groupings outside the will of the people. It is very similar to what the USA is going through today.
Mayor Jackson is not Andrew Jackson but he does have his moments taking on the image of Andrew Jackson. He contradicts himself sometimes by doing things like celebrating the opening of a Wal-Mart store in the graveyard of the steel industry. The money spent at places like Wal-Mart quickly fan out to the places where the products are made which usually means the money goes to places like China to grow their economy. It demolishes our local value added economies like a wrecking ball does to a vacant home. 6000 people applied for only about 350 jobs at this new Wal-Mart store built on the very same ground where thousands once enjoyed middle-class wages in the steel mills. We call it a sacrilege.
This article is based on the Cleveland Plain Dealer front page headlines on Friday, January 11, 2008
Mayor Jackon however, has taken on the banks and investment communities during the foreclosure economic storm. Cleveland has one of the highest rates of home foreclosures in the nation.
The Mayor responded with a lawsuit against 21 major investment banks. The law suit accuses venerable institutions such as Deutsche Bank, Goldman Sachs, Merrill Lynch and Wells Fargo of creating a public nuisance. Jackson contends the companies irresponsibly bought and sold high-interest home loans. This depleted the city's tax base and left entire neighborhoods in ruins. Jackson says this is no different than organized crime or drugs. The city has been forced to spend millions of dollars for demolishing and boarding up thousands of abandoned houses.
The law firm in charge, acknowleged the lawsuit could move slowly. ( We see where it could possibly develop into a class action suit across the USA.) The lawsuit alleges the firms are accused of creating a public nuisance by making mortgages available to people who had "no realistic means of keeping up with their loan payments." A dozen of the banks, also collectively filed thousands of foreclosures in the county over the last four years. The filings listed below are the city's approximations
Deutsche Bank Trust Co: 4,750 -- Wells Fargo : 4,000 -- Ameriquest Mortgage Co.: 1,600 -- Countrywide Financial: 1,300 -- HSBC Holdings: 1,300 -- JPMorgan Chase: 1,000 -- Washington Mutual Inc.: 900 -- Citigroup: 600 -- Bank of America Corp: 450 -- NovarStar Financial Inc: 200 -- The Bear Stearns Cos.: 175 -- IndyMac Bancorp: 160 --
The other banks named in the suit are -
Credit Suisse, Fremont General Corp, GMAC-RFC, Goldman Sachs Group, Greenwich Capital Markets, Lehman Brothers Holdings Inc, Merrill Lynch & Co., Morgan Stanley and Option One Mortgage Corp.
Ohio Attorney General Marc Dann also is considering a state lawsuit against the investment banks. Dann says he is investigating "some of the very same people" identified in the city's suit. He says, " There's clearly been a wrong done, and the source is Wall Street".
Source: Cleveland Plain Dealer, January 11, 2008 with story by Henry J.Gomez and Thomas Ott - Plain Dealer Reporters
Andrew Jackson, was an "everyman" rising up from the bottom. He believed in Populism where in a democracy the people literally ruled and not elite groupings outside the will of the people. It is very similar to what the USA is going through today.
Mayor Jackson is not Andrew Jackson but he does have his moments taking on the image of Andrew Jackson. He contradicts himself sometimes by doing things like celebrating the opening of a Wal-Mart store in the graveyard of the steel industry. The money spent at places like Wal-Mart quickly fan out to the places where the products are made which usually means the money goes to places like China to grow their economy. It demolishes our local value added economies like a wrecking ball does to a vacant home. 6000 people applied for only about 350 jobs at this new Wal-Mart store built on the very same ground where thousands once enjoyed middle-class wages in the steel mills. We call it a sacrilege.
This article is based on the Cleveland Plain Dealer front page headlines on Friday, January 11, 2008
Mayor Jackon however, has taken on the banks and investment communities during the foreclosure economic storm. Cleveland has one of the highest rates of home foreclosures in the nation.
The Mayor responded with a lawsuit against 21 major investment banks. The law suit accuses venerable institutions such as Deutsche Bank, Goldman Sachs, Merrill Lynch and Wells Fargo of creating a public nuisance. Jackson contends the companies irresponsibly bought and sold high-interest home loans. This depleted the city's tax base and left entire neighborhoods in ruins. Jackson says this is no different than organized crime or drugs. The city has been forced to spend millions of dollars for demolishing and boarding up thousands of abandoned houses.
The law firm in charge, acknowleged the lawsuit could move slowly. ( We see where it could possibly develop into a class action suit across the USA.) The lawsuit alleges the firms are accused of creating a public nuisance by making mortgages available to people who had "no realistic means of keeping up with their loan payments." A dozen of the banks, also collectively filed thousands of foreclosures in the county over the last four years. The filings listed below are the city's approximations
Deutsche Bank Trust Co: 4,750 -- Wells Fargo : 4,000 -- Ameriquest Mortgage Co.: 1,600 -- Countrywide Financial: 1,300 -- HSBC Holdings: 1,300 -- JPMorgan Chase: 1,000 -- Washington Mutual Inc.: 900 -- Citigroup: 600 -- Bank of America Corp: 450 -- NovarStar Financial Inc: 200 -- The Bear Stearns Cos.: 175 -- IndyMac Bancorp: 160 --
The other banks named in the suit are -
Credit Suisse, Fremont General Corp, GMAC-RFC, Goldman Sachs Group, Greenwich Capital Markets, Lehman Brothers Holdings Inc, Merrill Lynch & Co., Morgan Stanley and Option One Mortgage Corp.
Ohio Attorney General Marc Dann also is considering a state lawsuit against the investment banks. Dann says he is investigating "some of the very same people" identified in the city's suit. He says, " There's clearly been a wrong done, and the source is Wall Street".
Source: Cleveland Plain Dealer, January 11, 2008 with story by Henry J.Gomez and Thomas Ott - Plain Dealer Reporters
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