Friday, April 10, 2009

FDIC Publishes Public Comments On The Legacy Loan Program

The list is enough to provide enjoyable weekend long reading. Easily some of the funniest stuff seen in a long time, yet somehow it makes its way straight to the FDIC's website. One wonders if all these entities were aware their e-mails would end up for public viewing and amusement, and if so whether they would have submitted them in the first place.

Among the more serious funds/companies/individuals are:

- Investcorp's own Christopher Hoeffel, president of the Commercial Mortgage Securities Association and likely conflicted beyond repair.
- Mason Capital (Neale X. Trangucci, formerly of bankrupt WHX fame)
- Rolfe Winkler of OptionARMageddon
- Marathon Asset Management
- Osprey
- Chandler Management
- Clark Street Management
- Ramius
- FirstBank Holding Company
- Capital Legacy Partners
- Asset Loan Solutions
- Snowball Partners
- Hovnanian
- Stifel Nicolaus

I would like to highlight the following fabulous e-mails which collectively encapsulate the feelings of Zero Hedge, and don't hide their warm feelings toward miss Sheila Bair. Among these, the letter by Mr. Benn Dover III's is a truly inspiring missive.

Publish at Scribd or explore others:

Hat Tip David
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Anonymous said...

My letter is at:

DISCLAIMER: It is nowhere near as good as Ben Dover's.

Anonymous said...

Mr. Dover is my new hero.

Hayduke said...

The letter by Benn Dover was the second one I read when I saw the list on CR, and it was supremely sarcastic, though I'm not sure the FDIC saw it as such. It was very well stated.

BobbyG said...

"Benn Dover"? Y'know, c'omn, some stuff should be utterly obvious. Isn't he married to the NPR "Car Talk" show statistician "Marr Ginoferror"?

Anonymous said...

Benn Dover is nobody other than 'Bend over Bernanke', who is assraping us.

Anonymous said...

Benjamin Dover is a great American. He really made me think (beginner's luck) about the current situation. I generally don't trust conspiracy theories, but it looks like there may be a plot by the taxpayers to capture the government.

Anonymous said...

It's hilarious, but at same time brought tears to my eyes. He should send a copy to my anti hero , Barney Frank.

Sam said...

LOL. Even the name Benn Dover is hilarious. I had to read it twice to get the cutting sarcasm. Nicely done!

Adam said...

Benjamin J. Dover... LMFAO. Maybe the FDIC should hire Bartholomew J. Simpson as a consultant to screen for fraudulent names.

Rolfe from Option ARMageddon's letter is awesome too, albeit in a more serious way. Love that blog.

Keep up the good work ZH.

Anonymous said...

This guy's is also great.

Unknown said...
This comment has been removed by the author.
Unknown said...

As Barry Ritholtz has said, get long pitchforks.

Anonymous said...

My fear is that Geithner will adopt Ben Dover's advice.

howard in nyc said...

sure, ben dover is a pseudonym. but i am happy to see hank paulson has found a way to keep busy.

mr. bobdobolina said...

paging mr. dover!
mr. ben dover!
ben dover, mr. frank will see you now in the rotunda.
mr. ben dover...

Chris Beanie said...

Bears' Last Stand. Dow 11,000 end of 2009! Monte Farber saw the future. Listen now. Or click here.

Chris Beanie said...

Who needs George Soros? He only made 30% return in 2007, and 8% in 2008. Lame. You can do better with this guy.

fourthestate said...

Seems like this scene is a bit heavy on the sniping and sarcasm and pretty light on solutions. May be fair to say that Americans and international players may not trust American "money-men" going forward. A real vacuum has been created in this trust gap. Maybe the hubris will be knocked out of the Wall Street types like it was in Silicon Valley...but I'm not holding my breath. The Valley can't compete in grooming the kind of complete prick the financial services industry can.

Gov Hutchinson said...

Get 5% to 10% of the taxpaying population to peacefully withhold paying and .gov drops to it knees.

Anonymous said...

" grooming the kind of complete prick the financial services industry can."

These people are narcisitic sociopaths of the highest order to get to their position and rob to the magnitude they do.

Until the taxpaying public hits a critical mass of anger and says fuck off violently and/or peacefully through tax nonpayment, this group of oligarchic, kleptocratic sociopaths will continue to fuck the broader public. Period. Its what they do.

tippi said...

"Get 5% to 10% of the taxpaying population to peacefully withhold paying and .gov drops to it knees."

the gov'ner just hit the jackpot!

now, is it really a surprise why the stock market is rallying...can't have the proles fretting about their 401ks when they're filing their 1040s now can we???

Rdan said...

Trade links?

Unknown said...

Rdan - done and done. always happy to link people up to good ideas

Tax_Man_Cometh said...

Hey guys at ZH - yours is my new favorite blog. Keep up the good work.

Also, I'd be curious to know a little about the contributors here... maybe a bio or something...

Thums Up said...

Tyler - You wanna jump into the iBC tabbed blogger contest:

Anonymous said...

The Hovnanian letter was quite surreal. It seems that their plan is to have the federal govt buy up their holdings for them. This would allow them to have their cake and eat it too! After the fed buys the land they are holding, they can maintain control of that same land, at 6 cents on the dollar, and when they do build on it, they will keep all of the profits for themselves.

What a fascinating scheme to 'relieve' the big builders from the burden of tying up so much money buying the land. Of course, this program will need to be restricted to only a few major builders with the 'proper' federal credentials.

I wonder if Geithner/Obama got this idea from Tony Rezco?

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