Saturday, September 17, 2011

The cat fight is on.

SEPTEMBER 17, 2011


The news as I see it and the views as I want them.

September 17 is … National Apple Dumpling Day

This seems a little weird but that is why life is so interesting. What are the odds?

On the 10th anniversary of the Sept. 11 attacks on Sunday, horses wearing the numbers 9, 1 and 1 won the first three races at Belmont.

The New York City track served as one of the staging areas for workers and emergency vehicles in the days following the destruction of the World Trade Center.

Actually, the pick three paid $18.60 for a $2 bet.

Lottery players weren't so lucky, but the 9-1-1 combination proved more irresistible than ever. Carolyn Hapeman, a spokeswoman for the New York State Lottery, said that combination for both the midday and evening "Numbers" draw was sold out by 8:30 a.m. on Sept. 5 for every twice-daily drawing right through Sept. 12.

The 9-1-1 pick has been a popular option for lottery players, just like 1-1-1 or 7-7-7, and sells out every day, she said. She didn't recall a time when it sold out for seven straight days ahead of time. The two draws on Sunday came up 1-0-8 and 5-4-3.

The odds are always 1,000-to-1 for any three-number combination of numbered balls to randomly pop out of the machine, but 9-1-1 did come up on one other auspicious date: Sept. 11, 2002, the first anniversary of the attacks.

This is another reason we play the games; somebody has to win.

In an obvious red herring, one bank is pointing the finger at another bank as the government points it finger at all banks and the citizens point their finger at the government. Somebody was the bad guy in this but the blame game seeks to hide the truth.

JPMorgan Chase & Co (JPM.N) was sued by Wells Fargo & Co (WFC.N), which seeks to force it to buy back more than 800 soured mortgage loans that it oversees as trustee.

In a complaint made public on Wednesday in the Delaware Chancery Court, Wells Fargo accused JPMorgan's EMC Mortgage LLC unit of refusing its demands that EMC buy back the loans, which were contained in Bear Stearns Mortgage Funding Trust 2007-AR2. JPMorgan bought Bear Stearns and its EMC unit in 2008. In the complaint, Wells Fargo said EMC and its affiliates routinely approved mortgage loans despite "clear defects" in loan applications, including faulty appraisals and inflated borrower incomes.

It also said a forensic review showed that EMC breached representations and warranties on 89 percent of a sample of 948 of mortgage loans. "The loans have been plagued by an alarming rate of defaults and foreclosures," Wells Fargo said. JPMorgan spokesman Patrick Linehan declined to comment. Trustees such as Wells Fargo act on behalf of investors in securities backed by underlying loans.

Some such as Wells Fargo and US Bancorp (USB.N), which sued Bank of America Corp (BAC.N) last month, have taken legal action against other banks when they believe misrepresentations have been made regarding the securities.

JPMorgan is the nation's second-largest bank by assets, while Wells Fargo is the fourth-largest. Wells Fargo is also the largest U.S. mortgage lender.

This sure reminds me of the Gulf oil soil in the Gulf of Mexico. BP made all kind of promises and assurances while the news cameras were still pointed at them. Now, each of the parties involved, BP, Haliburton, the rig owner, the State government and the Federal government are blaming each other. The buck has to stop somewhere.

I have never been good at three-card monty but I know the game when I see it.

Just a couple of thoughts I had and you should too or at least think about.


DEKALB, IL 60115



Go to web sites below to buy books by Bruce A. Brennan. It is still a good time to purchase any of my books. The books are interesting and inexpensive reads. My third book should be available later this year, in late 2011. More information will be forthcoming. (Do search by my name or book Title) (do a quick search, Title, my name) Do a Title or author search.

Book Titles:

Holmes the Ripper

A Revengeful Mix of Short Fiction

"Happiness makes up in height for what it lacks in length." - Robert Frost