Its time we all put our heads together and take a real stand. Its WE the people who own the government, not the government who owns us, but we are allowing it, and we must end it before its to late.
BANKS TURN TRUST INTO A COMMODITY: U.S. BANK PURCHASE FROM BANK OF AMERICA
by Neil Garfield
In
a final insult to our financial system, our society and our government,
the Banks have set new rules: they say that if you appoint a trustee of
your trust, the trustee can sell its position to another trustee. It is
a natural offshoot of the "successor by merger" strategy they started a
couple of years ago. But this one goes a step further. It says that the
Trustor and beneficiaries have no choice but to accept the new Trustee
who bought its position for some consideration. This is an important
challenge to our system.
U.S.
BANK has filed documents in some of my cases where it states that it is
the successor in interest to Bank of America BY PURCHASE OF THE
POSITION OF TRUSTEE. BOFA is a alleged to be successor in interest by
merger with LaSalle Bank (a merger that is doubtful because of the prior
acquisition of CitiGroup, who reports that it acquired ABN AMRO, the
shareholders of which own LaSalle Bank).
The
Federal Reserve stated in its approval of the merger of LaSalle Bank
and Bank of America that the merger with LaSalle is the same as a merger
with ABN AMRO. CIRCULAR REASONING COMBINED WITH A SHELL GAME COMBINED
AS A COVER FOR WHAT IS, IN THE FINAL ANALYSIS, A PONZI SCHEME. And that
is why the banks are being sued by investors, insurers and guarantors
for fraud --- an intentional act of misrepresentation designed to cause
damage to those who reasonably rely on these misrepresentations and
which does cause damage to them.
Ultimately
banking depends upon trust and relationships based on trust. By
commoditizing the job of a trustee, the entire system is undermined and
will lead most certainly to chaos and collapse.
But
the issue is much larger than that. Trust lies at the heart of our
systems of finance, commerce and government. Ultimately people consent
to be governed by these systems because they repose confidence in the
outcome of transactions, public and private. Imagine that you hire a
trusted agent to do something that will have an enormous impact on your
life. This trustee, according to the banks, can sell their position of
trust to another party.
Normally
if your secretary or administrative assistant quits, you replace them
with someone else you trust or someone else you with who you can build a
trusted arrangement. Not so with the US bank purchase from Bank of
America. Managers of Pensions who believed in their trustee for the
trust that issued them the bonds (that turned out to be worthless) now
have no confidence that employee, agent or servant won't sell their job
to someone else whom you don't know or don't trust. Trust commodities
cannot and should not be allowed by a clueless government and an
apathetic public.
The
"Bill of sale" essentially provides that for dozens of "trusts" Bank of
America will be replaced with the looming bank in control, U.S. Bank.
Clearly Bank of America is expecting a heavy legal hit with its failure
to protect the beneficiaries of the trusts --- the investor lenders. But
the agreement is more pernicious than that. If you have a problem with
what happened with the funding of the trust, the distributions, or the
acquisition of loans, you can go to Bank of America, during whose tenure
many illegal and fraudulent acts occurred. Bu they will refer you to
U.S. Bank who "now handles" those trusts. And if you go to U.S. Bank to
complain, they will tell you that they are new to the trust and that
your complaint relates to BofA actions as trustee for the asset backed
trust. But it doesn't stop there either. Each one is agreeing to
indemnify in each other in a manner than will spin the complainant
around until they dizzy with the subterfuge.
Creating
a salable commodity out of a trust relationship cuts to the core of
confidence in the marketplace. People no longer know the identities of
the parties responsible for what the investor lenders placed in trust
--- money that was supposed to bed deposited to the trust account
managed by the trustee. Whether they like it not, the banks are
shuffling the cards once again. They are testing us, our government and
our marketplace --- a marketplace where certainty is now eliminated.
Between off balance sheet, off record transaction, and now the ability
to add, replace or subtract parties with whom you were willing to do
business, with parties whom you are unwilling to do business, they have
created a Middle East bizarre where everything changes by the minute.
Consumers, pensioners, government guarantors, insurance companies are
all filing suits that may fail because thes ame hairsplitting legal
analysis that is rejected for borrowers is accepted for banks.
Action
is needed now. This "sale" of the duties and obligations of the trustee
must not and must never be permitted. The unintended or perhaps
intended consequence is chaos in the marketplace where the United States
won't even be allowed a seat at the table, except as the military
policeman of the world.
