Dynamic Journalism


Me and doc film maker Nick Verbitsky are immortalized into art for our reporting on the Bear Stearns / JP Morgan double dipping scheme and RMBS investor fraud that has led to over $100bn in lawsuits and a NYAG securities fraud suit against JPM. Verbitsky is on biz TV show The Keiser Report today talking about main street’s frustration with the lack of criminal charges against bankers like the Bear Stearns team led by Tom Marano.


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  1. Dude, this is awesome!

  2. when are the double dippers going to get it ?

  3. Terry,

    I have just seen this and also The Frontline program “The Untouchables”. I would like to finance a followup to these programs. Terry…no one has gone far enough to expose the extent of the fraud committed by wall street AND the banks. These programs focus on bundling subprime credit as good credit…it omits something that was not addressed in the Frontline story…the reason the cases are hard to prove is because the borrowers had qualifying credit. The lenders generated this loans by lowering the financial standards…not the credit standards. Also no one has talked about the role the ratings agencies played..if the bonds were not rated AAA then they never would have been sold. The rating agencies had been given a “Get Out of Jail Free Card” by the Supreme Court. So even though they knew better, they did not investigate the bonds..because if they did they would have found fraud. You need to interview employees of the rating agencies to ask them why if for example 1000 loans made up bond and 500 were sub prime how those same subprime loans could then anchor a AAA bond? They were using a 80/20 rule…100% of them being subprime and somehow 80% of them were rated investment grade…then that same 20% would be mixed in the next batch of loans, all subprime, and 80% of them rated investment grade. Please…understand…this is just the tip. It only describes the conduct of wall street towards there clients. What about the real estate market as a whole..i.e. Robosigning? Why given proof of fraud would every attorney general settle? To make matters worse, the 1000’s of homeowners who were victims of the fraud involved in foreclosing their home…displaced to put it mildly…get $1,200.00 if ..if they are contacted??!! Terry,why would a bank have to lie about having the right to foreclose on a home?? BECAUSE THEY DID NOT!! This is the Elephant in the room. None NONE of the homes foreclosed should have been because no one..NO ONE can prove in court they own the note to the house being foreclosed on! In many cases the loans never existed! They were created….interest from a home in Atlanta bundled with principal from a home in Los Angeles. That loan was never written!!! That is still not all. Terry do you have a credit card? At some point in the late 2007,08,09 even later…was your credit limit arbitrarily cut??? Despite your stellar payment history perhaps going back 10-15 yrs. of NEVER, EVER being late! Why then, would the banks cut the credit of their best customers??? Because they were in on the fraud with wall street. You see, the reason the entire market was crashed is was so the bonds could be bought back by the banks and wall street at pennies on the dollar…BECAUSE THEY WERE GUARANTEED BY FANNIE ETC. AT 100%!! FannieMac didn’t know they had been deceived into buying as an investment, the very loans they were guaranteeing! This was insidious. The reason you kill the consumer credit of the entire country,(once your credit limit is cut it adversely affect your score ..WITHIN 30 DAYS!!), so you go from 750 to 650 or lower in ONE MONTH! This was a scorched earth approach…they couldn’t just, even though they tried, kill the ability of investors to buy homes by restricting how many they could buy in a given period or thereafter industry wide, canceling every investor loan. Investors could not borrow to purchase property despite their having the highest credit and most cash reserves etc. So to injury/impair the investors…they killed the entire consumer credit system..and thats not all! To make matters worse, these victims of illegal foreclosures who had their equity stolen and so could not sell their homes, who could not get any help modifying the loan despite the ability to pay a lower rate of interest etc..left, moved out….and now are being pursued by municipalities for fines and taxed BECAUSE THEY STILL OWN THE HOMES!!! The foreclosures were never completed. Please…I would like to arrange financing the much important followup…the completed telling of the story. The courts in some states like Florida have been throwing foreclosures out because the bank could not prove they were the note holders. Other states like Iowa, let them proceed. This is the rest of the story…it should be told. There are millions of homes that cannot legally be foreclosed on because the note does not exist!!

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