1/21/2012
Omar Dyer
Coaches! 101 (PAC)
PO Box 4463
Jersey City NJ 07304
Letters’ Letter to the President:
Dear President,
I am writing this letter to you and I emplore you as a concerned citizen to live by the pledge of the people. The people of the United States of America have been hit hard in these abusive practices done in the Merrill Lynch, Morgan Stanley banking scheme of vulture capitalism. In an internal letter from Bank of America, I have uncovered that the house crisis, has been more deeply than what the profit reports actually tells. Bank of America, racked in $3.1 billion dollars in marginal profits on home equity accounts, money marketing accounts, and personal (cash) debt accounts.On April 13, 2011, the Board of Governors of the Federal Reserve System (“Federal Reserve”) issued a cease and desist consent order (“Consent Order”) against Bank of America Corporation (“BAC”). The Consent Order makes no finding on any issues of fact or law or any explicit allegation concerning BAC. The Consent Order describes a consent order that the Office of the Comptroller of the Currency (“OCC”) and Bank of America, N.A. (“BANA”), which is owned and controlled by BAC, entered into addressing areas of weakness identified by the OCC in mortgage loan servicing, loss mitigation, foreclosure activities, and related functions by BANA. The Consent Order also states that the OCC’s findings raised concerns that BAC did not adequately assess the potential risks associated with such activities of BANA. The Consent Order directs the board of directors of BAC to take appropriate steps to ensure that BANA complies with the OCC consent order. The Consent Order requires BAC and its institution-affiliated parties to cease and desist and take specified affirmative action, including that BAC or its board: (1) take steps to ensure BANA complies with the OCC order; (2) submit written plans to strengthen the board’s oversight of risk management, internal audit, and compliance programs concerning certain mortgage loan servicing, loss mitigation, and foreclosure activities conducted through BANA; and (3) periodically submit written progress reports detailing the form and manner of all actions taken to secure compliance with the Consent Order. BAC submitted an offer of settlement to the Federal Reserve. In the offer of settlement, BAC agreed to consent to the entry of the Consent Order, without the Consent Order constituting an admission by BAC or any of its subsidiaries of any allegation made or implied by the Federal Reserve in connection with the matter.
Plaintiffs alleged that Merrill Lynch aided and abetted a fraud, violation of a consumer protection law, and breach of fiduciary duty allegedly perpetrated by Benistar, a former Merrill Lynch client, in connection with trading in the client's account. During the proceedings, plaintiff also made allegations that Merrill Lynch engaged in sanctionable conduct in connection with the discovery process and the trial. In 2002, following a trial, a jury rendered a verdict for plaintiffs. Thereafter, the Court granted Merrill Lynch’s motion to vacate and plaintiffs’ motion for a new trial. On June 25, 2009, following a retrial, the jury found in plaintiffs’ favor. On January 11, 2011, the Court entered rulings denying plaintiffs’ motion for sanctions and punitive damages, awarding certain plaintiffs consequential damages, and awarding attorneys’ fees and costs. On February 7, 2011, the Court issued final judgment requiring Merrill Lynch to pay $9,669,443.58 in consequential and compensatory damage plus statutory interest, and $8,700,000 in attorneys’ fees and costs; but denying plaintiffs’ requests for punitive damages and sanctions. The client, a co-defendant, filed a notice of appeal of the Court’s denial of its motion for a new trial on or about January 19, 2011. On or about January 24, 2011, plaintiffs filed a notice of appeal of the Court’s denial of their motion for sanctions pursuant to Mass. Gen. Laws c. 231 § 6G. On March 1, 2011, the plaintiffs filed a notice of appeal of the Court’s denial of their requests for punitive damages and sanctions, and the Applicant filed a notice of cross-appeal on March 15, 2011.
Now I know most of this information is rehashed and known to the public. Since Bank of America was required to pay off those sums of money. And this isn’t new to the process—yet what is the most disturbing and shocking notion of this, was the fact that after the courts order BAC, to pay back $20 million dollars to those hampered in the Mortgage crisis of 2002-, all the way through to 2011. And to this day, many of those that were crushed in this scheme are fuming at the mouths in debt by deception on the accounts of BAC. And as we embark on this mission to restore real principals and put American’s back to work. We as monitors, leaders, letter writers, complainers, and civilians would like you to ask the Attorney General to place an investigation on the mortgage practices. And break up these large banks—since it’s become a practice for large banks to bail out each other. I know many people may have sound problems with what they see or believe in the direction the country is going. And free market, should never be on trail. Yet, the process of America was never about abandoning those that can’t speak up for themselves. And capitalism was never about squeezing all the nickels, and every dime out of the same consumers that are merchants. This country needs a banking system that will not look to steal a few dollars in every way, whether it’s from your debt accounts or on your home loans. True leaders never rely on vultures as a means of success; capitalism is about uplifting and creating a product. It’s not about holding one tier above the rest, and drives everyone out the equation.
