Friday, November 14, 2014

Grow Unions via Wildcat Strikes

Review: How Wildcat Strikes Made Public Worker Unions Grow and Thrive

Joe Burns’ latest book examines the little-known wave of wildcat strikes that swept the U.S. (and the world) during the 1960 and ’70s, reshaping the labor movement.
In his previous book, Reviving the Strike, Burns, a former AFSCME negotiator and labor lawyer, made an argument that unions ignore at our peril: we won’t recover our power until we challenge unjust labor laws, abandon unconditional support for the Democrats, and embrace self-organization and the strike.
His extremely accessible new book, Strike Back, shows how unionists did exactly that, right here and not so long ago. From the mid-1950s to the mid-’70s, the number of public workers who belonged to unions grew tenfold, reaching 40 percent of all U.S. public employees.
It was small groups of militant workers who made this explosive growth possible—by defying the law and their union leaders (if they even had a union) to go out on unsanctioned strikes.

THEY JOINED IN DROVES

The changes were quite dramatic. For example, Burns reports, in just over a decade teacher unions went “from a negligible part of the labor movement to among its largest and most powerful organizations.” By the ’70s about 70 percent of all teachers were unionized.
The book is loaded with compelling histories, from the most unlikely places and workplaces. Teachers in Utah and New York, sanitation workers in Memphis, and police in New Orleans and Philadelphia not only risked losing their jobs. They also risked being imprisoned for ignoring court injunctions to return to work, and being banned from ever working in their fields again.
Workers who struck in one agency or department—Florida teachers, for instance—would spark the imaginations of others across their state and the country. After laying the groundwork over years of minority-union organizing, an ungovernable force of workers would flash out and shut down a city: Oklahoma City, for instance.
It was this wave of wildcat strikes—not lobbying or campaign donations—that won for public workers the fruits we’re trying to hold onto today: collective bargaining, living wages, benefits, pensions, workplace grievance process, dues check-off, service fees for non-members, and binding arbitrations.
The take-home lesson is straightforward, persuasive, and impossible to ignore. “It is not conceivable that the labor movement will be revived in any meaningful way,” Burns writes, “without workers violating labor law, as their counterparts half a century ago did.”

STRIKES GOT THE GOODS

Beginning in local workplace committees with a handful of members, often without union representation or a contract, public workers organized around the problems and threats facing their co-workers.
Some developed new tactics to force local, state, and federal governments to respond with either the carrot or the stick, such as during the high profile 1960s New York City teachers’ strikes.
Once they’d built enough support both inside and outside their workplaces, even unsympathetic elected officials would be forced to respond with conciliation, rather than arrests or firings.
Recounting the meteoric rise of PATCO, the air traffic controllers union, Burns concludes that “it was power, not membership numbers, that initially made these unions attractive to other workers, and allowed them to eventually grow into large, national organizations.”
Once they’d proved their mettle, these activists would run for union office. Burns tells how militant members changed the direction of many conservative, Democratic Party-allied unions. One example is the Chicago Teachers Union, which held frequent strikes until the 1980s.

BAD LAWS NO EXCUSE

Burns articulates the analogy between those days and today so succinctly and simply that it’s a wonder few have done so before.
Before the strike wave, the 1960s looked bleak. Public workers faced bans on collective bargaining and striking. They either had conservative union leaders or no unions at all.
As labor arbitrator Arnold Zach put it, the vast gains came about because “the power to strike was of far greater importance than the right to strike.”
So rather than be cowed by the repressive legal environment workers now face, Burns argues, we need to confront it head on, to force a crisis.
We should start by carefully studying the new composition of employer power to identify our strongest allies and employers’ weakest links, in order to devise new tactics and organizational forms.
And we must draw more co-workers into our efforts by starting with small fights, winning victories, and escalating to embrace strikes. The goal is not merely to fight back, but to shift the balance of power.

OVERLOOKED HISTORY

While Burns occasionally refers to the 1930s, he overlooks another analogous period. From the 1880s to 1910s, workers engaged in similarly widespread self-organizing—confronting their own craft unions, the giant industrial trusts, and judicial, police, and military forces.
Their spasmodic eruptions created enough disruption to provoke what today we call the Populist and Progressive Eras. That’s when we got the reforms that banned child labor, created early minimum wages and pensions, temporarily legalized private sector unions and collective bargaining in the midst of World War I, improved public health, and created universal public education and libraries.
None of these reforms would have happened if not for the radical farmers, immigrant anarchists, and socialists who injected their strategies and ideas into the AFL and the Industrial Workers of the World, both of which struck key war industries during WWI.
The IWW eschewed contracts in favor of constant workplace organizing. That’s a lesson the book’s wildcat organizers clearly learned, though Burns doesn’t say so.
Overlooking this earlier period illustrates the book’s limited theoretical depth. Burns takes the position that changes in the organization of production, and employers’ attacks on workers’ gains and power, sparked new waves of militancy. For example, the introduction and expansion of Taylorism and the assembly line provoked the sit-down strikes of the 1930s.
But the truth is, it was the other way around. In the so-called Progressive Era, as Bruno Ramirez illustrated in When Workers Fight, and in the Great Depression, as Martin Glaberman showed in “Union Committeemen and Wildcat Strikes,” employers responded to skilled workers’ control over the labor process by deskilling and rationalizing their work, and to unskilled workers’ self-organizing by accepting temporary collective bargaining with the craft unions. The point was to divide and conquer.
This restored peace to the shop floor and raised productivity, in exchange for higher wages, from the 1920s until the next wave in the early ’30s. In effect, collective bargaining and contracts weren’t forced on employers. Business embraced the legalized union as a tool for disciplining defiant workers.
It’s no wonder that some of the greatest periods of economic expansion followed the Progressive and especially the New Deal reforms, which sought to rein in working-class militancy and coopt unions into promoting profits.

RISKS REQUIRED

Despite these limitations, Burns’ book is an irresistible guide to tipping the balance back in our favor. It should spark debate everywhere.
Clinging to our rapidly shrinking spheres of power, the labor movement tends to fall back on limited issues of wages and hours, ignoring the broader possibilities of what Burns calls social unionism, in which workers address how our work affects those we serve. A reinvigorated workers’ movement could take us a long way toward solving our most pressing problems: environmental collapse, growing wealth and power gaps, and endless war.
The first step is to solve the problem of eroding union power—and that requires taking risks.
Robert Ovetz is a migrant “mindworker” of academia in Northern California. He works full-time by piecing together part-time teaching jobs in academia where tenure is going extinct. Robert belongs to five different unions in three institutions.
- See more at: http://labornotes.org/blogs/2014/11/review-how-wildcat-strikes-made-public-worker-unions-grow-and-thrive#sthash.1x9CSpqD.dpuf

CAL Nurses Strike 11-11-14


Nurses Strike: It’s Not Just about Ebola


 

Nurses at Kaiser Vallejo were among 18,000 who launched a two-day strike this morning. Nurses say the problems they’re highlighting over Ebola—lack of supplies and training, for instance, and short staffing most of all—also hit at the root of more common safety risks. Photo: California Nurses Association.
This morning 18,000 nurses who work at Kaiser Permanente hospitals and clinics in California walked out for a two-day strike.
Also striking are nurses in two other hospitals in California. Joining them in a one-day strike tomorrow are 400 newly organized nurses at a hospital in Washington, D.C., who are seeking a first contract.
Nurses will hold rallies, pickets, and candlelight vigils in 14 other states tomorrow, National Nurses United says. The coordinated day of action aims to raise the alarm that hospitals aren’t prepared to safely care for patients with Ebola.

No Protocols

The specter of workplace-contracted Ebola grabbed headlines this fall when two Dallas nurses who had treated an infected patient got sick themselves.
Luckily, both recovered. But nurses from the affected hospital, Texas Health Presbyterian, who are non-union, contacted the NNU about what had gone wrong.
The union released a statement keeping the nurses anonymous but detailing their concerns: no isolation protocols, no special cleanup procedures, no special handling of dangerous lab specimens, inadequate protective gear, wrong information about what gear was needed, no training on how to safely change out of the gear or what symptoms to watch out for.
“Were protocols breached? The nurses say there were no protocols,” the statement said.
Though the vicious virus, which can kill in a matter of days, engenders a particular horror, it’s far from the biggest danger facing health care workers on the job, or patients in a hospital.
Every year the Bureau of Labor Statistics data show health care work accounts for one of the private sector’s largest shares of nonfatal illnesses and injuries—in 2012 harming 556,000 workers in hospitals, clinics, and nursing homes. These include not just infections but such common issues as lifting injuries, falls, and workplace violence.
But nurses say the same problems they’re highlighting over Ebola—lack of supplies and training, for instance, and short staffing most of all—strike at the root of all kinds of safety concerns that health care workers and patients face.

Understaffing Top Concern

Staffing tops the list of concerns for today’s strikers, said Zenei Cortez, a California Nurses Association co-president and 33-year Kaiser nurse who works in a post-anesthesia care unit. CNA is part of the NNU.
“For the last three years or so, Kaiser has failed to fill vacant positions of registered nurses and nurse practitioners, so we are forced to work short-staffed,” she said.
The union’s previous contract has expired, and they’ve been in bargaining for a new one for three months. Economic issues aren’t even on the table yet, she said, but Kaiser despite its extreme wealth is resisting the nurses’ patient care proposals.
Understaffing of other health care workers hits nurses too. For instance, on the medical-surgical units, Cortez said, Kaiser has removed nursing assistants—adding their duties to nurses already busy caring the state’s legal maximum for that type of unit, five patients per nurse. Now if a nurse needs help lifting or walking a patient, “she would have to wait for another RN colleague to help her, when that other colleague is also overburdened with the maximum patients,” she said.
Understocked supplies are another concern, worsening the staffing problems as nurses spend valuable minutes traveling floor to floor to hunt for what they need.
For home health nurses who visit patients in their homes, a big issue in this bargaining is how much time management will allow them per patient. “You just can’t go in and out of a house,” Cortez explained. “You need to determine the overall needs of the patients before you can leave, and you need to do a lot of teaching.”
In the past California Nurses Association members have struck in sympathy with members of the National Union of Healthcare Workers. NUHW, the militant union which emerged after SEIU’s California health care power grab, became an affiliate of CNA in 2013. But this time NUHW leaders said the news of NNU’s strike caught them by surprise.
NUHW’s 4,000 members at Kaiser have been without a contract for four years now, and are in the midst of voting whether to strike again. President Sal Roselli said he was “perplexed” that the nurses union didn’t give NUHW advance notice of its strike so they could coordinate, but that they certainly intend to work with the nurses on future strikes. CNA spokesperson Chuck Idelson said it wasn’t true the union hadn’t been informed.
Members of SEIU-UHW, the biggest union at Kaiser and the driving force in its Labor-Management Partnership, still have a contract in force, due to expire next year.

First Contract Strike in D.C.

Also striking are 400 nurses at Providence Hospital in Washington, D.C., who are in the midst of bargaining for their first contract.
They voted by an overwhelming margin last winter to unionize, and they’ve been in bargaining since February.
Staffing is a top issue there too. Six-year nurse Fidelis Kweyila, who’s on the bargaining team, said he sometimes has up to eight patients in a medical-surgical unit.
“On those days I take care of eight patients, those patients definitely won’t get the care they deserve,” he said.
What gets skipped? For instance, for patients who need help just to turn themselves over from the right side to the left, the standard is to turn them every two hours. If you have too many patients, more than two hours may pass. Or you may not be able to promptly respond to a patient’s call for pain medicine.
He believes five is the upper limit of how many patients a nurse can safely care for on a medical-surgical unit. California is the only state that sets a legal cap on nurse-patient ratios.
Another key issue, Kweyila said, is nurse retention. Turnover is high, he said, in part because the hospital has no transparent pay scale. A nurse who’s been there for years may discover she’s getting paid less than the newly-graduated nurse she’s training.
“When experienced nurses discover this nurse I’m teaching is getting paid more than I, guess what happens? These experienced nurses, they leave, and that puts the patient at risk,” he said. “They have to deal with a new nurse who does not know what they’re supposed to do.”
A co-worker who left a few months ago, he said, got an $11-an-hour pay raise when she went to a union hospital. “When people leave and get that kind of experience, they’ll talk to their friends at Providence, and those friends will leave.”
There too, supplies problems are worsening short-staffing. “Let’s say the patient cannot swallow pills,” he said, and you need to crush it up in applesauce for them. “You end up going to four different floors just to look for applesauce. That takes away quality time you cannot spend with the patient.”
Picturing that kind of chaos, it’s not hard to understand why nurses feel worried their hospitals aren’t set to handle Ebola. Providence management claims it has Ebola equipment carts prepared somewhere, Kweyila said, “but as a nurse on the floor I have not seen one… I have not been trained how to use it. Should I come into contact with a patient who has Ebola, I don’t know how to put on the gown, I don’t know how to take it off…
“It is related to the other safety issues,” he said. And “yes, the chance of getting an Ebola patient is low, but what if we do get one?”
Alexandra Bradbury is co-editor of Labor Notes.al@labornotes.org
- See more at: http://labornotes.org/2014/11/nurses-strike-its-not-just-about-ebola#sthash.Fh2YPQ5w.dpuf

Monday, November 10, 2014

$9 Billion Witness, Alayne Fleishmann

The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare

Andrew Querner
Chase whistle-blower Alayne Fleischmann risked it all.

Meet the woman JPMorgan Chase paid one of the largest fines in American history to keep from talking

She tried to stay quiet, she really did. But after eight years of keeping a heavy secret, the day came when Alayne Fleischmann couldn't take it anymore. 
"It was like watching an old lady get mugged on the street," she says. "I thought, 'I can't sit by any longer.'" 
Fleischmann is a tall, thin, quick-witted securities lawyer in her late thirties, with long blond hair, pale-blue eyes and an infectious sense of humor that has survived some very tough times. She's had to struggle to find work despite some striking skills and qualifications, a common symptom of a not-so-common condition called being a whistle-blower.
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Fleischmann is the central witness in one of the biggest cases of white-collar crime in American history, possessing secrets that JPMorgan Chase CEO Jamie Dimon late last year paid $9 billion (not $13 billion as regularly reported – more on that later) to keep the public from hearing.
Back in 2006, as a deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as "massive criminal securities fraud" in the bank's mortgage operations.
Thanks to a confidentiality agreement, she's kept her mouth shut since then. "My closest family and friends don't know what I've been living with," she says. "Even my brother will only find out for the first time when he sees this interview." 
Six years after the crisis that cratered the global economy, it's not exactly news that the country's biggest banks stole on a grand scale. That's why the more important part of Fleischmann's story is in the pains Chase and the Justice Department took to silence her.
She was blocked at every turn: by asleep-on-the-job regulators like the Securities and Exchange Commission, by a court system that allowed Chase to use its billions to bury her evidence, and, finally, by officials like outgoing Attorney General Eric Holder, the chief architect of the crazily elaborate government policy of surrender, secrecy and cover-up. "Every time I had a chance to talk, something always got in the way," Fleischmann says.
This past year she watched as Holder's Justice Department struck a series of historic settlement deals with Chase, Citigroup and Bank of America. The root bargain in these deals was cash for secrecy. The banks paid big fines, without trials or even judges – only secret negotiations that typically ended with the public shown nothing but vague, quasi-official papers called "statements of facts," which were conveniently devoid of anything like actual facts. 
Jamie Dimon
Jamie Dimon (Photo: Bloomberg/Getty)
And now, with Holder about to leave office and his Justice Department reportedly wrapping up its final settlements, the state is effectively putting the finishing touches on what will amount to a sweeping, industrywide effort to bury the facts of a whole generation of Wall Street corruption. "I could be sued into bankruptcy," she says. "I could lose my license to practice law. I could lose everything. But if we don't start speaking up, then this really is all we're going to get: the biggest financial cover-up in history." 
Alayne Fleischmann grew up in Terrace, British Columbia, a snowbound valley town just a brisk 18-hour drive north of Vancouver. She excelled at school from a young age, making her way to Cornell Law School and then to Wall Street. Her decision to go into finance surprised those closest to her, as she had always had more idealistic ambitions. "I helped lead a group that wrote briefs to the Human Rights Chamber for those affected by ethnic cleansing in Bosnia-Herzegovina," she says. "My whole life prior to moving into securities law was human rights work."
But she had student loans to pay off, and so when Wall Street came knocking, that was that. But it wasn't like she was dragged into high finance kicking and screaming. She found she had a genuine passion for securities law and felt strongly she was doing a good thing. "There was nothing shady about the field back then," she says. "It was very respectable."
In 2006, after a few years at a white-shoe law firm, Fleischmann ended up at Chase. The mortgage market was white-hot. Banks like Chase, Bank of America and Citigroup were furiously buying up huge pools of home loans and repackaging them as mortgage securities. Like soybeans in processed food, these synthesized financial products wound up in everything, whether you knew it or not: your state's pension fund, another state's workers' compensation fund, maybe even the portfolio of the insurance company you were counting on to support your family if you got hit by a bus.
As a transaction manager, Fleischmann functioned as a kind of quality-control officer. Her main job was to help make sure the bank didn't buy spoiled merchandise before it got tossed into the meat grinder and sold out the other end.
A few months into her tenure, Fleischmann would later testify in a DOJ deposition, the bank hired a new manager for diligence, the group in charge of reviewing and clearing loans. Fleischmann quickly ran into a problem with this manager, technically one of her superiors. She says he told her and other employees to stop sending him e-mails. The department, it seemed, was wary of putting anything in writing when it came to its mortgage deals.
"I COULD LOSE EVERYTHING. BUT IF WE DON'T START SPEAKING UP, WE'RE GOING TO GET THE BIGGEST FINANCIAL COVER-UP IN HISTORY." 
"If you sent him an e-mail, he would actually come out and yell at you," she recalls. "The whole point of having a compliance and diligence group is to have policies that are set out clearly in writing. So to have exactly the opposite of that – that was very worrisome." One former high-ranking federal prosecutor said that if he were taking a criminal case to trial, the information about this e-mail policy would be crucial. "I would begin and end my opening statement with that," he says. "It shows these people knew what they were doing and were trying not to get caught."
In late 2006, not long after the "no e-mail" policy was implemented, Fleischmann and her group were asked to evaluate a packet of home loans from a mortgage originator called GreenPoint that was collectively worth about $900 million. Almost immediately, Fleischmann and some of the diligence managers who worked alongside her began to notice serious problems with this particular package of loans.
For one thing, the dates on many of them were suspiciously old. Normally, banks tried to turn loans into securities at warp speed. The idea was to go from a homeowner signing on the dotted line to an investor buying that loan in a pool of securities within two to three months. Thus it was a huge red flag to see Chase buying loans that were already seven or eight months old.
What this meant was that many of the loans in the GreenPoint deal had either been previously rejected by Chase or another bank, or were what are known as "early payment defaults." EPDs are loans that have already been sold to another bank and have been returned after the borrowers missed multiple payments. That's why the dates on them were so old.
In other words, this was the very bottom of the mortgage barrel. They were like used cars that had been towed back to the lot after throwing a rod. The industry had its own term for this sort of loan product: scratch and dent. As Chase later admitted, it not only ended up reselling hundreds of millions of dollars worth of those crappy loans to investors, it also sold them in a mortgage pool marketed as being above subprime, a type of loan called "Alt-A." Putting scratch-and-dent loans in an Alt-A security is a little like putting a fresh coat of paint on a bunch of junkyard wrecks and selling them as new cars. "Everything that I thought was bad at the time," Fleischmann says, "turned out to be a million times worse." (Chase declined to comment for this article.)
When Fleischmann and her team reviewed random samples of the loans, they found that around 40 percent of them were based on overstated incomes – an astronomically high defect rate for any pool of mortgages; Chase's normal tolerance for error was five percent. One mortgage in particular that sticks out in Fleischmann's mind involved a manicurist who claimed to have an annual income of $117,000. Fleischmann figured that even working seven days a week, this woman would have needed to work 488 days a year to make that much. "And that's with no overhead," Fleischmann says. "It wasn't possible."
But when she and others raised objections to the toxic loans, something odd started happening. The number-crunchers who had been complaining about the loans suddenly began changing their reports. The process she describes is strikingly similar to the way police obtain false confessions: The interrogator verbally abuses the target until he starts producing the desired answers. "What happened," Fleischmann says, "is the head diligence manager started yelling at his team, berating them, making them do reports over and over, keeping them late at night." Then the loans started clearing.
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As late as December 11th, 2006, diligence managers had marked a full 33 percent of one loan sample as "stated income unreasonable for profession," meaning that it was nearly inevitable that there would be a high number of defaults. Several high-ranking executives were copied on this report.
Then, on December 15th, a Chase sales executive held a lengthy meeting with reps from GreenPoint and the diligence team to examine the remaining loans in the pool. When they got to the manicurist, Fleischmann remembers, one of the diligence guys finally caved under the pressure from the sales executive. "He had his hands up and just said, 'OK,' and he cleared it," says Fleischmann, adding that he was shaking his head "no" even as he was saying yes. Soon afterward, the error rate in the pool had magically dropped below 10 percent – a threshold that itself had just been doubled to clear the way for this deal.
After that meeting, Fleischmann testified, she approached a managing director named Greg Boester and pleaded with him to reconsider. She says she told Boester that the bank could not sell the high-risk loans as low-risk securities without committing fraud. "You can't securitize these loans without special disclosure about what's wrong with them," Fleischmann told him, "and if you make that disclosure, no one will buy them."
A former Olympic ski jumper, Boester was such an important executive at Chase that when he later defected to the Chicago-based hedge fund Citadel, Dimon cut off trading with Citadel in retaliation. Boester eventually returned to Chase and is still there today despite his role in this affair.
This moment illustrates the most basic element of the case against Chase: The bank knowingly peddled products stuffed with scratch-and-dent loans to investors without disclosing the obvious defects with the underlying loans.
Years later, in its settlement with the Justice Department, Chase would admit that this conversation between Fleischmann and Boester took place (though neither was named; it was simply described as "an employee . . . told . . . a managing director") and that her warning was ignored when the bank sold those loans off to investors. 
Chase Witness
Photo: Illustration by Victor Juhasz
A few weeks later, in early 2007, she sent a long letter to another managing director, William Buell. In the letter, she warned Buell of the consequences of reselling these bad loans as securities and gave detailed descriptions of breakdowns in Chase's diligence process.
Fleischmann assumed this letter, which Chase lawyers would later jokingly nickname "The Howler" after the screaming missive from the Harry Potter books, would be enough to force the bank to stop selling the bad loans. "It used to be if you wrote a memo, they had to stop, because now there's proof that they knew what they were doing," she says. "But when the Justice Department doesn't do anything, that stops being a deterrent. I just didn't know that at the time."
In February 2008, less than two years after joining the bank, Fleischmann was quietly dismissed in a round of layoffs. A few months later, proof would appear that her bosses knew all along that the boom-era mortgage market was rotten. That September, as the market was crashing, Dimon boasted in a ball-washing Fortune article titled "Jamie Dimon's SWAT Team" that he knew well before the meltdown that the subprime market was toast. "We concluded that underwriting standards were deteriorating across the industry." The story tells of Dimon ordering Boester's boss, William King, to dump the bank's subprime holdings in October 2006. "Billy," Dimon says, "we need to sell a lot of our positions. . . . This stuff could go up in smoke!"
In other words, two full months before the bank rammed through the dirty GreenPoint deal over Fleischmann's objections, Chase's CEO was aware that loans like this were too dangerous for Chase itself to own. (Though Dimon was talking about subprime loans and GreenPoint was technically an Alt-A pool, the Fortune story shows that upper management had serious concerns about industry-wide underwriting problems.)
THE ORDINARY CITIZEN WHO IS THE TARGET OF A GOVERNMENT INVESTIGATION CANNOT PICK UP THE PHONE, CALL THE PROSECUTOR AND HAVE HIS CASE DROPPED. BUT DIMON DID JUST THAT.
In January 2010, when Dimon testified before the Financial Crisis Inquiry Commission, he told investigators the exact opposite story, portraying the poor Chase leadership as having been duped, just like the rest of us. "In mortgage underwriting," he said, "somehow we just missed, you know, that home prices don't go up forever."
When Fleischmann found out about all of this years later, she was shocked. Her confidentiality agreement at Chase didn't bar her from reporting a crime, but the problem was that she couldn't prove that Chase had committed a crime without knowing whether those bad loans had been sold.
As it turned out, of course, Chase was selling those rotten dog-meat loans all over the place. How bad were they? A single lawsuit by a single angry litigant gives some insight. In 2011, Chase was sued over massive losses suffered by a group of credit unions. One of them had invested $135 million in one of the bank's mortgage--backed securities. About 40 percent of the loans in that deal came from the GreenPoint pool.
The lawsuit alleged that in just the first year, the security suffered $51 million in losses, nearly 50 times what had been projected. It's hard to say how much of that was due to the GreenPoint loans. But this was just one security, one year, and the losses were in the tens of millions. And Chase did deal after deal with the same methodology. So did most of the other banks. It's theft on a scale that blows the mind.


Read more: http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106#ixzz3IhIDIHQt
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