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June 18, 2009 at 12:46 PM in reply to: Japanese Citizens Detained at Swiss Border with Fake Bonds? #417639June 18, 2009 at 12:46 PM in reply to: Japanese Citizens Detained at Swiss Border with Fake Bonds? #417704
UCGal
Participanthttp://online.wsj.com/article/BT-CO-20090618-707082.html
JUNE 18, 2009, 8:54 A.M. ET US Says Seized ‘Treasury Bonds’ Are Not The Real Thing
WASHINGTON (Dow Jones)–A cache of what appeared to be around $135 billion of U.S. bonds seized at the Italian-Swiss border is, in fact, worthless, a Treasury Department spokesman said.
Two alleged Japanese citizens were stopped by Italian authorities June 4 trying to cross into Switzerland with the supposed bonds, hidden in the false bottom of a suitcase, the authorities said.
Authorities said they found 249 certificates worth $500 million each and 10 bonds worth more than $1 billion each, as well as other alleged original banking statements.
Stephen Meyerhardt, a spokesman for Treasury’s Bureau of Public Debt, said Thursday the paper is phony.
“Based on the photos we’ve seen on the Web, they’re not even close to looking like a Treasury security,” he said.
In the 1980s, the U.S. began converting its marketable debt from paper; these days, Treasury securities are issued electronically.
An official at Japan’s Consulate General in Milan said Tuesday that Italy was still investigating the case, adding it wasn’t confirmed the two men are Japanese.
“We sent a letter asking for further information to the Italian tax police as well as prosecutors,” the Japanese official said.
-By Jeff Bater, Dow Jones Newswires; 202 862 9249; [email protected]
(Sabrina Cohen in Milan, and Luca Di Leo and Sofia Celeste in Rome contributed to this story.)
June 18, 2009 at 12:46 PM in reply to: Japanese Citizens Detained at Swiss Border with Fake Bonds? #417866Participanthttp://online.wsj.com/article/BT-CO-20090618-707082.html
JUNE 18, 2009, 8:54 A.M. ET US Says Seized ‘Treasury Bonds’ Are Not The Real Thing
WASHINGTON (Dow Jones)–A cache of what appeared to be around $135 billion of U.S. bonds seized at the Italian-Swiss border is, in fact, worthless, a Treasury Department spokesman said.
Two alleged Japanese citizens were stopped by Italian authorities June 4 trying to cross into Switzerland with the supposed bonds, hidden in the false bottom of a suitcase, the authorities said.
Authorities said they found 249 certificates worth $500 million each and 10 bonds worth more than $1 billion each, as well as other alleged original banking statements.
Stephen Meyerhardt, a spokesman for Treasury’s Bureau of Public Debt, said Thursday the paper is phony.
“Based on the photos we’ve seen on the Web, they’re not even close to looking like a Treasury security,” he said.
In the 1980s, the U.S. began converting its marketable debt from paper; these days, Treasury securities are issued electronically.
An official at Japan’s Consulate General in Milan said Tuesday that Italy was still investigating the case, adding it wasn’t confirmed the two men are Japanese.
“We sent a letter asking for further information to the Italian tax police as well as prosecutors,” the Japanese official said.
-By Jeff Bater, Dow Jones Newswires; 202 862 9249; [email protected]
(Sabrina Cohen in Milan, and Luca Di Leo and Sofia Celeste in Rome contributed to this story.)
June 18, 2009 at 11:08 AM in reply to: Now that Cramer has called bottom, can I retract my call? #417115Participant[quote=5yearwaiter][quote=Rt.66]TemeculaGuy is saying that Cramer is soooo aweful that he’d like to recant his (TVG’s) previous prediction as to not be allied with a dumbass Cramer call.
I think he’s calling Cramer the opposite of an “expert”.[/quote]
I understood what TG is saying. What I am asking is better to delete this entire Cramer’s thread and don’t even publish whatever Cramer express hereafter – so that from now folks wouldn’t even think about Cramer’s voice as an expert voice. Just aksing IGNORE to publish even this kind of cramer’s Weather Cock slogans :-)[/quote]
But where would be the fun in MOCKING Cramer, then?
June 18, 2009 at 11:08 AM in reply to: Now that Cramer has called bottom, can I retract my call? #417351Participant[quote=5yearwaiter][quote=Rt.66]TemeculaGuy is saying that Cramer is soooo aweful that he’d like to recant his (TVG’s) previous prediction as to not be allied with a dumbass Cramer call.
I think he’s calling Cramer the opposite of an “expert”.[/quote]
I understood what TG is saying. What I am asking is better to delete this entire Cramer’s thread and don’t even publish whatever Cramer express hereafter – so that from now folks wouldn’t even think about Cramer’s voice as an expert voice. Just aksing IGNORE to publish even this kind of cramer’s Weather Cock slogans :-)[/quote]
But where would be the fun in MOCKING Cramer, then?
June 18, 2009 at 11:08 AM in reply to: Now that Cramer has called bottom, can I retract my call? #417614Participant[quote=5yearwaiter][quote=Rt.66]TemeculaGuy is saying that Cramer is soooo aweful that he’d like to recant his (TVG’s) previous prediction as to not be allied with a dumbass Cramer call.
I think he’s calling Cramer the opposite of an “expert”.[/quote]
I understood what TG is saying. What I am asking is better to delete this entire Cramer’s thread and don’t even publish whatever Cramer express hereafter – so that from now folks wouldn’t even think about Cramer’s voice as an expert voice. Just aksing IGNORE to publish even this kind of cramer’s Weather Cock slogans :-)[/quote]
But where would be the fun in MOCKING Cramer, then?
June 18, 2009 at 11:08 AM in reply to: Now that Cramer has called bottom, can I retract my call? #417680Participant[quote=5yearwaiter][quote=Rt.66]TemeculaGuy is saying that Cramer is soooo aweful that he’d like to recant his (TVG’s) previous prediction as to not be allied with a dumbass Cramer call.
I think he’s calling Cramer the opposite of an “expert”.[/quote]
I understood what TG is saying. What I am asking is better to delete this entire Cramer’s thread and don’t even publish whatever Cramer express hereafter – so that from now folks wouldn’t even think about Cramer’s voice as an expert voice. Just aksing IGNORE to publish even this kind of cramer’s Weather Cock slogans :-)[/quote]
But where would be the fun in MOCKING Cramer, then?
June 18, 2009 at 11:08 AM in reply to: Now that Cramer has called bottom, can I retract my call? #417841Participant[quote=5yearwaiter][quote=Rt.66]TemeculaGuy is saying that Cramer is soooo aweful that he’d like to recant his (TVG’s) previous prediction as to not be allied with a dumbass Cramer call.
I think he’s calling Cramer the opposite of an “expert”.[/quote]
I understood what TG is saying. What I am asking is better to delete this entire Cramer’s thread and don’t even publish whatever Cramer express hereafter – so that from now folks wouldn’t even think about Cramer’s voice as an expert voice. Just aksing IGNORE to publish even this kind of cramer’s Weather Cock slogans :-)[/quote]
But where would be the fun in MOCKING Cramer, then?
Participant[quote=tintin71]I was shocked to find out that my friend’s house has been foreclosed. The house is located in Poway and they had owned it for over 20 years…The lender was GMAC and they had done loan modification and had missed a payment(?)…
apparently missing a payment on a modified loan results in the house being sold by the bank unbeknown to the occupants…
[/quote]That actually seems reasonable… If they had kept their original 30 year loan and paid it off – they’d have a whole lot of equity and not small amount of debt. I’m assuming they refi’d, probably took cash out, somewhere along the way. And then got behind and eventually went to the loan modification process. They were fortunate to actually get a loan mod through.
And then they failed to take advantage of the new reduced payment – they missed it.
My limited understanding is that loan mods have caveats that the payments MUST be made in full and on time or the house goes straight into foreclosure. After all – you don’t get to do a loan mod unless you’re already in some stage of foreclosure to begin with.
It’s a hassle your friends have to deal with moving, but they should have made the payments on their modified loan. Period.
Participant[quote=tintin71]I was shocked to find out that my friend’s house has been foreclosed. The house is located in Poway and they had owned it for over 20 years…The lender was GMAC and they had done loan modification and had missed a payment(?)…
apparently missing a payment on a modified loan results in the house being sold by the bank unbeknown to the occupants…
[/quote]That actually seems reasonable… If they had kept their original 30 year loan and paid it off – they’d have a whole lot of equity and not small amount of debt. I’m assuming they refi’d, probably took cash out, somewhere along the way. And then got behind and eventually went to the loan modification process. They were fortunate to actually get a loan mod through.
And then they failed to take advantage of the new reduced payment – they missed it.
My limited understanding is that loan mods have caveats that the payments MUST be made in full and on time or the house goes straight into foreclosure. After all – you don’t get to do a loan mod unless you’re already in some stage of foreclosure to begin with.
It’s a hassle your friends have to deal with moving, but they should have made the payments on their modified loan. Period.
Participant[quote=tintin71]I was shocked to find out that my friend’s house has been foreclosed. The house is located in Poway and they had owned it for over 20 years…The lender was GMAC and they had done loan modification and had missed a payment(?)…
apparently missing a payment on a modified loan results in the house being sold by the bank unbeknown to the occupants…
[/quote]That actually seems reasonable… If they had kept their original 30 year loan and paid it off – they’d have a whole lot of equity and not small amount of debt. I’m assuming they refi’d, probably took cash out, somewhere along the way. And then got behind and eventually went to the loan modification process. They were fortunate to actually get a loan mod through.
And then they failed to take advantage of the new reduced payment – they missed it.
My limited understanding is that loan mods have caveats that the payments MUST be made in full and on time or the house goes straight into foreclosure. After all – you don’t get to do a loan mod unless you’re already in some stage of foreclosure to begin with.
It’s a hassle your friends have to deal with moving, but they should have made the payments on their modified loan. Period.
Participant[quote=tintin71]I was shocked to find out that my friend’s house has been foreclosed. The house is located in Poway and they had owned it for over 20 years…The lender was GMAC and they had done loan modification and had missed a payment(?)…
apparently missing a payment on a modified loan results in the house being sold by the bank unbeknown to the occupants…
[/quote]That actually seems reasonable… If they had kept their original 30 year loan and paid it off – they’d have a whole lot of equity and not small amount of debt. I’m assuming they refi’d, probably took cash out, somewhere along the way. And then got behind and eventually went to the loan modification process. They were fortunate to actually get a loan mod through.
And then they failed to take advantage of the new reduced payment – they missed it.
My limited understanding is that loan mods have caveats that the payments MUST be made in full and on time or the house goes straight into foreclosure. After all – you don’t get to do a loan mod unless you’re already in some stage of foreclosure to begin with.
It’s a hassle your friends have to deal with moving, but they should have made the payments on their modified loan. Period.
Participant[quote=tintin71]I was shocked to find out that my friend’s house has been foreclosed. The house is located in Poway and they had owned it for over 20 years…The lender was GMAC and they had done loan modification and had missed a payment(?)…
apparently missing a payment on a modified loan results in the house being sold by the bank unbeknown to the occupants…
[/quote]That actually seems reasonable… If they had kept their original 30 year loan and paid it off – they’d have a whole lot of equity and not small amount of debt. I’m assuming they refi’d, probably took cash out, somewhere along the way. And then got behind and eventually went to the loan modification process. They were fortunate to actually get a loan mod through.
And then they failed to take advantage of the new reduced payment – they missed it.
My limited understanding is that loan mods have caveats that the payments MUST be made in full and on time or the house goes straight into foreclosure. After all – you don’t get to do a loan mod unless you’re already in some stage of foreclosure to begin with.
It’s a hassle your friends have to deal with moving, but they should have made the payments on their modified loan. Period.
June 16, 2009 at 4:28 PM in reply to: Now that Cramer has called bottom, can I retract my call? #416465ParticipantCramer’s an idiot. But we knew that.
Unfortunately, the financial media seems to be focusing on very short term things.The article linked says that there is a 17% increase in housing starts compared to last month. It fails to state that it was down 45.2% from May 2008. That is NOT good news.
It’s like all the focus on the 2nd derivitive… the economic indicators are contracting at a slower rate… They’re still contracting but if you listen to CNBC, Bloomberg, etc crowing aobut it you’d think we had growth rather than contraction.
Cramer’s one of the leading idiots… but there are plenty of idiots following behind him.
June 16, 2009 at 4:28 PM in reply to: Now that Cramer has called bottom, can I retract my call? #416702ParticipantCramer’s an idiot. But we knew that.
Unfortunately, the financial media seems to be focusing on very short term things.The article linked says that there is a 17% increase in housing starts compared to last month. It fails to state that it was down 45.2% from May 2008. That is NOT good news.
It’s like all the focus on the 2nd derivitive… the economic indicators are contracting at a slower rate… They’re still contracting but if you listen to CNBC, Bloomberg, etc crowing aobut it you’d think we had growth rather than contraction.
Cramer’s one of the leading idiots… but there are plenty of idiots following behind him.
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