--------
Original Message --------
| Subject: |
Economic
Emergency Management Discussion |
| Date: |
Fri,
14 Aug 2009 09:58:55 -0700 |
| From: |
"Stephen
M. Apatow" <s.m.apatow@humanitarian.net> |
| To: |
Emergency
Food and Shelter National Board Program <efsp.email@uwa.unitedway.org> |
|
|
Date: 14 August 2009
To: Humanitarian Resource Institute Emergency Management Contact List
Dear Colleagues:
A recent federal emergency management level dialogue has prompted
my conclusion that the size and scope of the economic emergency impacting
every community, in every state is at a crisis level. Though close
to two years into this crisis, the challenge has not been addressed as such
on the household level across the United States. Therefore,
I am asking for feedback regarding a request for the economic emergency
to be addressed on a state
than federal disaster declaration level.
Our communities are in a state of free fall, due to the national crisis
of criminal predatory lending, mortgage and appraisal fraud, cause by a
lack of regulatory protections during the last 8 years. During the first 6 months
of 2009, 1.5 million foreclosures (or economic emergencies)
on the household level caused concern, but July's 360,000 (7 percent) increase
has caused nothing short of a panic. Discussion topics include:
1. Declaration of a state of emergency, municipal, state than federal
disaster declaration.
2. Treating the economic crisis as a post natural disaster incident, with
house to house needs analysis (every community, every U.S. county), to provide
a foundation for strategic implementation of resources needed for stabilization.
This includes a fast track, emergency pathway for bankruptcy protection
to stop all U.S. foreclosure actions with long term sustainable court directed
modifications. With 18.2 percent real unemployment, this may mean
a modified payment structure or deferment for the time period in which the
state of emergency is active.
3. 8-12 million foreclosures projected during the next 4 years represents
a systemic economic collapse scenario, that may require an active declaration
for a period equal to this projected period, or until stabilization and functional
self sufficient recovery is achieved.
4.
Systemic needs analysis, on the city/state level to accommodate access to
low interest rate emergency loans, in conjunction with restructuring of municipal
and state budgets under bankruptcy level protections.
This represents a starting point for feedback and guidance for local communities
and state leaders.
Looking forward to your input,
Stephen M. Apatow
-------- Original Message --------
| Subject: |
401K - Pension Fund Losses &
Recovery: Police, Firefighter, Teachers... |
| Date: |
Thu, 13 Aug 2009 09:15:29 -0700 |
| From: |
"Stephen M. Apatow" <s.m.apatow@humanitarian.net> |
FYI, the following discussion (ACORN Links Predatory Lending & OTC
Derivatives Fraud) might be of interest regarding 401K - Pension Fund Losses
& Recovery: Police, Firefighter, Teachers...
Also, on the table:
- Call for fast track Chapter 13 to stop all
U.S. residential and commercial foreclosures today. Mitigation
of 8-12 million projected foreclosures next 4 years.
- The IRS's New Target: College
Endowments (Barron's, 3 August 2009). Expanded discussion: Colleges and Universities
exploited predatory lending to cause hyperinflation in tuition. Education's subprime ignored.
Recent Discussions;
-------- Original Message --------
Dear Colleagues,
I would like to thank all participants in recent discussions for the
excellent feedback, investigative media reports and legal work being set
forth to (1) stabilize the global financial system and (2) facilitate recovery
for the victims of financial crimes. This nightmare that began close
to two years ago, with the collapse of the U.S. housing market, was forced
into the hands of the new U.S. administration and world leaders, providing
the world with a view of Economic Crimes Against Humanity
Yesterday, with the testimony of Dipascali (NYT), we began to get a glimpse of the scope
of the Madoff operations that spanned decades, most importantly fraud associated
with the OTC derivatives market and shadow banking system. This
opens the door now for a full scale legal investigation of all unregulated
OTC derivatives transactions at all non-bank financial institutions
during this time period:
In September 2008, JPMorgan Chase quietly liquidated its entire $250
million position in the Sentry Fund, even though it remained liable on
the derivatives it had sold to the wealthy clients. At the time, the Fairfield
Sentry investment notes were showing a 5% gain for the year. The bank had
concluded Madoff was a phony, and the only way to protect itself was to
liquidate anything connected with Madoff. -- OTC Derivatives Fraud: ACORN Funder
JPMorgan Chase Doesn't Look Good in New Madoff Book: National
Legal & Policy Center.
The NLPC article also opened the door for discussion regarding ACORN's
360 organizations, structured to escape accountability, a network far more
complicated than anything Madoff ever constructed. This includes Fannie
Mae and Freddie Mac's role in predatory lending, mortgage, appraisal fraud
and substance the underlying asset of the OTC derivatives instrument.
Again, I emphasize the need for full legal investigation of every derivatives
transaction (interrelationship), at every financial institution involved
in these unregulated activities for the period of time outlined by the Dipascali
disclosures. This will provide us with a substantive starting point
for identification and then clearing of all criminal fraud based OTC derivatives
instruments from global financial system, in conjunction with actions to
address the hyperinaflationary damage to good and services, that has devastated
UN member countries.
Looking forward to feedback....
Stephen M. Apatow
(Businessweek).
----------------------------------------
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