Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Wounded Bears need to be put out of their misery and put down, not let to live another day after eating so many alive and then running away like cowards. Knowing what I personally know of these two b'tards and their ilk, it appalls me that another b'tard, Jaime Dimon would allow the Viagra man/Predatory Papa Bear to keep his erection up at JPMorganChase to screw others in his old age.

How can any company, allow either of these men a forum. They were ALL warned, personally by me, and Ace and I had a few calls and meetings where he said there was no basis for my allegations. Yet, he personally authorized over $2.5 million in legal attacks against Jack Wright and myself to shut us up and not expose his feeding and screwing frenzy. He shares equally with the arrogant Cayne and it goes to show how to what lengths, two impotent men, in and out of bed, will go to to screw and screw over others, and now each other.

When our suits and others start rolling in the weeks to come, we will see who turns on each other and how they answer and claim ignorance.

What they deserve is not a new executive suite, but an orange suit in a jail cell at Rykers next to their fellow gluttoneer Mr K from Tyco!.

Now, you a-holes at Bear who are reading this as we know you do each day, don't misconstrue my words of shooting etc.. to mean any personal threats. If you don't understand what a metaphor or analogy is, then go back to school. those of you at Bear and EMC who know this and are angry with Bear and its executives, both Jack and I welcome any info from you that can hurt these b'tards who took your pension and jobs!

We promise to bring them down. Send whatever info you have to me, Jack or MSFraud. Love to see or hear it!

Bear’s Family Feud: Quarrel Erupts Between the Bank’s Elder Statesmen

By LANDON THOMAS Jr.
Published: May 7, 2008
After 59 years, Alan C. Greenberg is still trading away at Bear Stearns, the troubled Wall Street bank that is about to disappear. Ask about his retirement plans, and he lets out a belly-jiggling laugh.

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Oscar Hidalgo/The New York Times
Alan C. Greenberg of Bear Stearns has just signed a lucrative agreement with JPMorgan to stay on as vice chairman emeritus.
Related
Broker Is Sentenced for Insider Trading (May 7, 2008)

Times Topics: Bear Stearns Companies


Librado Romero/The New York Times
James E. Cayne, whose ties with Bear Stearns will formally be severed in June.
“I’m in the noon of my career!” Mr. Greenberg, who at 80 is almost as old as Bear, said during a recent interview in his spacious office near the trading floor.

Unlucky colleagues lost jobs and fortunes when the investment bank collapsed into the arms of JPMorgan Chase this year, and Mr. Greenberg, Bear’s former chairman, said he felt terrible about it.

But his sympathy has its limit when it comes to James E. Cayne, the man who wrested Bear from him and presided over its dying days. Told that Mr. Cayne, with whom he worked for four decades, had lost much of his net worth and was suffering personally, Mr. Greenberg’s eyes turned cold. “Oh, really. Goodness, that’s a shame,” he deadpanned.

Next month, shareholders are expected to approve JPMorgan’s acquisition of Bear Stearns, and as that moment approaches, an air of resentment and unease is building within Bear. Employees talk of cycles of grief in elevators and give each other teary hugs in hallways as they confront the awful prospect of finding work in the worst Wall Street job market in decades.

As for Mr. Greenberg and Mr. Cayne, their sometimes tumultuous relationship has boiled over into an outright feud — stoked by Mr. Greenberg’s claim that Mr. Cayne ignored his counsel last summer as the credit crisis hit Bear.

“Jimmy was not interested in my point of view,” Mr. Greenberg said. “He was a one-man show — he didn’t listen to anybody. That is when the real break took place.”

Such comments have angered Mr. Cayne, who has told associates that Mr. Greenberg, a director of Bear, never voiced such concern.

Whatever the case, the two men’s fortunes have now sharply diverged. Mr. Greenberg, who cashed out the bulk of his Bear fortune through regular sales over the years, has just signed a lucrative agreement with JPMorgan to stay on as vice chairman emeritus. He will be paid 40 percent of the trading commissions he generates. And he recently began work on his memoirs.

Mr. Cayne, by contrast, has become a public piñata — blamed by Bear employees, a presidential candidate and others for the firm’s untimely end. His ties with Bear will be formally severed in June.

Although he still holds the title of chairman, he spends his days in relative seclusion, seeing few outside of the tight circle of his family, his two assistants and his lawyers. He personally lost about $900 million when Bear Stearns’s stock price collapsed.

Mr. Greenberg wonders about Mr. Cayne’s continued presence at Bear Stearns. “I don’t understand why he comes in,” Mr. Greenberg said. “He is not employed here anymore.”

That view has infuriated Mr. Cayne, who is said to be wary of the broadside that Mr. Greenberg may fire in his book. Mr. Cayne recently asked his close friend and Bear’s lead director, Vincent Tese, to call Mr. Greenberg’s lawyer and explain that his verbal agreement with the firm allows him use of his office and two assistants. Mr. Greenberg, who sits on the board, said he had no knowledge of such an agreement.

Mr. Cayne declined to comment about his relationship with Mr. Greenberg.

It is a clash of wills between two aging Wall Street titans who once symbolized the quirky charm of Bear and today suggests a more nuanced truth. The demise of the firm they loved was not so much the fault of either man. Instead, it was a collective failure of the governing five-man executive committee that over the years became so fixated on increasing the firm’s book value — and expecting the stock price to follow — that it lost sight of the concentrated, underhedged exposure to the home mortgage market that left Bear vulnerable.

While Mr. Cayne has always given Mr. Greenberg credit for his contributions to the firm, he has poked fun at his offbeat personality, including his nickname, Ace, which Mr. Cayne makes a point never to use. He has a standing order among some of his closer associates: Anyone who uses the name Ace in his presence owes Mr. Cayne $100.

The final straw for Mr. Cayne was Mr. Greenberg’s decision to charge Mr. Cayne a commission of $77,000 for the sale of his six million shares of Bear stock, a rate far above the maximum $2,500 commission that employees pay for a single trade. Since Mr. Cayne was not an employee anymore, he did not deserve such a rate, Mr. Greenberg said. “If he doesn’t like it, he should do his future business elsewhere,” he added.

Compounding Mr. Cayne’s ire, say people who have spoken with him, is the question of why Mr. Greenberg, who served as chairman of Bear’s risk and executive committees during the period in which the firm’s exposure to subprime mortgages hit its peak, has himself escaped censure.

That Mr. Greenberg now claims that his warnings went unheeded has driven Mr. Cayne to further distraction, these people say. One member of the executive committee said that Mr. Greenberg, as a longtime director, had ample opportunity to voice concerns about Bear’s vast exposure to subprime mortgages and its hedging strategies, which he did not do.

“He never said a word,” said this person, who declined to be identified because of the legal sensitivities in the matter.

Asked to specify what the advice was that Mr. Cayne ignored, Mr. Greenberg remained oblique. “You can read about it in my book,” he said.

For many at Bear, the spat appears unseemly.

“Everyone has to share in the responsibility. It’s silly to play the blame game,” said Fares D. Noujaim, a vice chairman at Bear. “Jimmy treated Bear like his family, he did what he believed was best for Bear.”

As Wall Street duets go, the Greenberg and Cayne show has been a complex marriage of exuberant highs, periods of grudging respect and finally resentment and rupture. The two men were ferociously ambitious strivers who escaped hardscrabble upbringings far from New York’s bright lights and shared a common brio, a love for bridge and, crucially, a deep reluctance to break ties with the firm that had become such a part of their public identities.

Mr. Greenberg, who became chief executive in 1978, was 66 years old in 1993, when Mr. Cayne upended him. (Mr. Greenberg remained chairman until 2001.) Mr. Cayne, who almost died last summer from a vicious bout of septic shock, was 73 when he finally stepped down under pressure in January.

The two former friends had their last sustained interaction in late 2007, when Mr. Greenberg threatened to leave Bear, claiming he was not getting the respect he deserved. The departure would have represented another public relations blow for the reeling firm, and Mr. Cayne was told by his board to do what he could to appease him.

Sitting down in Mr. Greenberg’s office, Mr. Cayne made his appeal, mentioning in particular a recent speech he had given at a Bear dinner in which he saluted Mr. Greenberg’s accomplishments and legacy. “Alan,” Mr. Cayne said before walking out, “this is the opposite of disrespect, so don’t tell me you are disrespected.”

Mr. Greenberg says he did contemplate leaving, in part because his views were not being heard and for another reason as well. “I was depressed. My dog was sick,” he said. “He had not been performing well in dog shows.”

Mr. Greenberg did stay and he now says he is “very happy” to be working for JPMorgan.

Mr. Cayne remains devastated by Bear’s precipitous end, say people who know him, and is keeping a low profile.

“I walk around with a horrible, horrible heavy heart each day,” Mr. Cayne has told friends. “It’s a severity of pain that cannot be measured, because you can’t measure the pain of 14,000 families.”

He has turned down offers from advisory boards and hedge funds and is keeping to his schedule of moving into his suite in the Plaza Hotel as soon as it is ready. Bridge, as ever, is a solace, as are long weekends at his weekend home on the Jersey Shore.

“He is dreaming. Why should I blame him?” Mr. Greenberg said. “I don’t need to — everyone can draw their own conclusions.” Asked if he still considered Mr. Cayne a friend, he holds a long silence before responding. “Oh, he is a dear friend.”
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Marie Antoinette

How do these guys get to be big shots. Give me a break. This guy is quittting because his dog is sick and not performing well in dog shows. Who are these people. I lose a home and I have four dogs out on the street with me. Dog shows?

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Aced

With Petty Jackass, Senile Old Man Running Bear Stearns, It’s A Wonder The Thing Lasted As Long As It Did

greenberg.jpgWe thought it was impossible at this point to dig up any more evidence to support the claim that Jimmy Cayne is a dick who cared more about his recreational activities (card playing, drug use, journalism) than the company he was supposed to be running, but, damn it, it’s been done. And in the same NYT article, another notion we once held regarding Wall Street—that it’s the type of place that kicks you out on your ass long before the dementia sets in—is also blown out of the water.

It’s not surprising in the least that J-Cay would be the type of person to refuse to refer to an elder by the nickname he so obviously loved. Still, the extent to which JC went to deny Alan “Ace” Greenberg one of the last remaining pleasures in the twilight of his life is stunning. According to Landon Thomas, Cayne “makes a point” to “never” use the handle, and has “a standing order among some of his closer associates that anyone who uses the name Ace in his presence, owes him $100.” Due to the fact that virtually no one else at the firm shared Cayne’s inability to utter the one syllable proper noun, this is actually considered to be one of the J man’s most prudent business decisions.

Also in line with what we know but still beating his own record at prickish behavior is the story about how Cayne “convinced” Greenberg to stay at Bear last year, after he threatened to leave, citing a lack of respect, mostly from the big guy himself. The board, trying to stave off a PR crisis, told JC to get in there and make nice. Obviously any ounce of sincerity was out of the question, but they were probably under the impression Cayne could at least fake some stuff about Greenberg being “so important to the firm,” “a valuable part of the team,” “a living antique we don’t want to lose,” and so on and so forth. As it turns out, not so much!

Apparently all Cayne was capable of was citing some speech he’d given at a dinner that mentioned Greenberg’s previous work, before getting pi$$ed off that a man of his stature had even been asked to do something so demeaning, and shouting “Alan, this is the opposite of disrespect, so don't tell me you are disrespected” and walking out of the room. In Cayne’s defense, he did have the respect not to put Greenberg in a choke hold and ask, “Why don’t you just die, old man?” which you know he wanted to, but still. Way to make the guy feel wanted. (Another thing to note, for fairness sake, is that the reason Cayne had to cut things short was because he was late to play golf, and not because he didn’t “give a baker’s phuck if He Whose Nickname I Shall Not Say stuck around or not.”)

Shockingly left out of the article is the rumor we’ve heard that when Cayne found out those early negotiations between JPMorgan and the Fed had resulted in the Fed, feeling the equity investors didn’t deserve jack, coming up with the $2/share deal, JC was so insulted that he said he’d rather see Bear go to zero than take two, and threatened to take adequate steps to ensure that end. (Cayne scrapped the idea when the Fed supposedly told him they spend the next twenty years investigating every move he ever made at the firm which, I think we can all agree, would’ve been awesome, and would clearly include proof that JC gave away 1,000 shares of BSC to make the pictures of him taping the two-dolllar bill to the door of 383 Madison go away.)

Oh, and “Ace” says that one of the reasons he wanted to leave, in addition to being disrespected, was a bout of depression stemming from his puppy not placing well in dog shows. Enjoy it while you can, Jamie Dimon.

Behind Bear Stearns' demise, a royal battle at the top [IHT]


Old age and treachery will overcome youth and skill.
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EMC Hater
Why doesn't the old fart simply die and do us all a favor and take JC along with him. We have nothing now and your guys are still after us
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Cayne's Pain

Quote:

“I walk around with a horrible, horrible heavy heart each day,” Mr. Cayne has told friends. “It’s a severity of pain that cannot be measured, because you can’t measure the pain of 14,000 families.”



Hey Jimmy, a lot of those 14,000 employees will be thanking their lucky stars they are out of there and not in jail where you ALL belong.  So Jimmy, what about those 'other families' ?  You know, the one's whose homes you stole, people like me.  Jimmy, you stole my home too.  There's a whole lot more than 14,000 of us.  Do you feel our pain?  It can't be measured either.

~

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I'd like to see you explain to your company that your job performance
was off because your puppy hasn't placed well in a dog show.

What do you think would happen to you?  Would you even consider offering that as an excuse?

All those people suffering weighs heavily on his heart?  Good.  Return
the salary and stock options that you didn't earn to the kitty.

Perhaps even split it equally between borrowers that your Mortgage
Servicing Co screwed out of their equity that were thrown out of their houses due to fraud.

Once the protection of public veneer is stripped away, what have you
got?  Greedy predators that don't give a damn how they make their  money.

I have wondered what these people that run these financial institutions
are smoking. 

Stockholders have to approve these salaries and other benies?

Haven't they seen enough of these people screwing these companies
into oblivion?

Perhaps investors should be taking some of the blame that get these old
geezers hired and paid insane amounts of money.

Their investments end up worth nothing just like the money borrowers
have poured into their mortgages.

It reminds me of the blood diamonds story.  Blood money has a way of
biting back eventually.

Dee
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4 justice now
I truly sometimes wonder what absurd, self-serving, twisted religious quotation or belief these old guys may be using to shelter themselves within their own clan and to try and justify their own immoral behavior and the unethical treatment of those outside of their group. Maybe they simply imagine that they are somehow the favored ones, and use this to justify the poor treatment of everyone else and use that to justify their substandard treatment of those they choose to betray over and over again without end.

IMHO
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