IS JOHN DUGAN'S RANT TO GET CITIGROUP MORE BAILOUTS

~John Dugan head of OCC during crisis and his defense to uphold one particular bank, Citigroup
so, John Dugan, once Comptroller of the currency, during the crisis – bank corruption – once a free ride to do as he pleases. Dugan and his band of merry men wants to hold even more power without any consequence and to be held accountable to anyone. Government without representation. Let’s look back and see how this person played a part during the “crisis” – crisis for the homeowners and the veterans but not Dugan in the big banks. Dugan being head of the OCC then was supposed to regulate national banks. Citigroup was one of his charters – Citigroup – took billions of taxpayers dollars under Dugan’s watch to bail it out over and over. Dugan was responsible for Citibank national – where was Dugan and the OCC group when city was running wild? Remember, Dugan was to be on watch. When it came to mortgage foreclosures – the tricks played on homeowners by the OCC under Mr. Dugan which chose to ignore the illegal actions in foreclosures. The large banks were to be protected by Mr. Dugan’s OCC at the homeowners expense. The homeowners didn’t put the big banks like city where they were, they put themselves they are it was Mr. Dugan’s responsibility as a regulator to see that Citigroup – Citibank national did not get out of control and when it did, it was his responsibility to help the homeowners that city harmed by their greedy irresponsible actions, along with the other government agencies – but no, Mr. Dugan under the OCC and with the help of his Powell, Tim Geithner – Sec. of treasure then, saving Citigroup – Citibank – Citimortgage – everything CITI took front and center preference over homeowners and everything else in anyone. Even Mr. Dugan fought hard to have weaker regulations for CITI – he wanted lower capital requirements for CITI – who was responsible  that let CITI off the hook not to pay back billions of the tarp money? As far as servicing standards for big banks like CITI – forget that Mr. Dugan argued against any such “service standards” – John Dugan as a bank regulator for the OCC made it very clear that the OCC did not have to act on city’s behalf. John Dugan made a statement that it was not necessary to lower cities supervisory rating because the government would keep city out of trouble with massive financial support and they did. These are John Dugan’s words people. Looks like Mr. Dugan was looking out for himself since big banks fund the OCC – as a regulator of banks, if the OCC cannot protect the people will regulate the banks that it needs to be dissolved, not set free to create disasters then go all in to argue and fight to bail banks they were to be watching. Where was Dugan? He went to meetings but for banks and big banks like city – not for the people are taxpayers. John Dugan’s take on the Dodd Frank act was they went to for one regulators for future actions. Actually the Dodd Frank act should have done away with regulators if their future actions were to be any more hideous than actions from 2008. Mr. John Dugan allegedly known as light fingered John the regulator bit heavy-handed for a Citi bailout. It was Dugan’s job to see the big banks were regulated not fail. Not to put people’s lives in turmoil and then run to the aid of banks like, Citigroup, with taxpayer bailouts of the cost of homeowner foreclosures when the system started to crash this management banks like CITI must be saved at all cost. The FDIC should have too and discussed this with the OCC and treasury to put CITI into a receivership, the secretary-treasurer Geithner and OCC regulator Dugan did not approve, so it did not happen. Big checks were written to bailout deadbeat banks and an insurance company AIG but no help for homeowners modifications were screwed with. John Dugan and Tim Geithner’s refusal to replace management city. For the taxpayers, CITI’s bailout of billions was a mistake – set up by Geithner and Dugan – CITI got 25 billion to start – then another 20 billion then another 306 billion then another 50 billion. Part of a backdoor bailout from Goldman Sachs that Geithner admitted in his book that all banks got some not just Goldman Sachs the 150 billion under the disguise.
Under John Dugan’s OCC, modifications were thrown under the bus in the bank’s interest. He annihilated the homeowners interest. The nightmare of John Dugan is back, he wants the feds to make “emergency loans” to non-banks – let’s take a look at that dumb idea. About 2002, the Federal Reserve Board was sharing from consumer groups about unregulated nonbank mortgage brokers making rounds targeting areas pushing mortgages that screamed abroad – high mortgages rebound – skyhigh prepayment penalties, not affordable loans but loans to suck in poor neighborhoods – brokers who got people to risk their homes by taking out subprime mortgages. These brokers were not banks – so, they were not insured loans. The abusive conduct of this kind of lending only proves Dugan needs to shut up about loans from non-banks – brokers are not banks and not FDIC insured. Also, Dugan wants “the FDIC to make guarantees without congressional approval” – another way to run the FDIC out of money and in the ground – if not controlled and has a competent leader for the people’s interest for someone like John Dugan in charge. Well, you see how well that went with the OCC – but the FDIC – more powerful entity, back to why Dugan pushed hard for big bank bailouts and not homeowners, especially CITI.
There was numerous chances to help these underwater homeowners – overextended loans – loans for overpriced homes – securitization scams – servicer scams to homebuyers high mortgage rates but ignorance and greed plus and stupidity of those who made loans in Congress scams plus media that some homeowners might be getting a break from all this corruption. Let’s forget the homeowners bail out the banks that caused the problems. Who were the financial experts at the table when these loans were being made? Not the homeowners – dozens of papers being shoved for these people design and not read. Wow – how great was that for the banks? Example – when homeowners became subprime borrowers – most needed help. Homeowners that if they were helped, they would just spend the extra money on something else. If that’s the case, why were you lending Mr. idiot? His excuse for lending was “bad regulation” this was one idiots answer at a meeting for not helping homeowners. Where was John Dugan? Loans without regulations, thanks without regulations banks without regulation guides – OCC regulations under John Dugan – “gone with the wind”. Let’s take another look at John Dugan’s experience with city. CITI came back for another bailout – 306 billion on top of the 25,000,000,000+20,000,000,000 and later another 50 billion but who’s counting, certainly not Johnny boy. CITI needed to be put under a strong experienced leadership of a strong qualified commercial banker but that did not happen and John Dugan had a hand in that mess. Bob Rubin picked by cram hand – he was who Rubin wanted and Ruben being secretary then Tim Geithner’s mentor and John Dugan being Geithner’s whatever, he got the job- what went down? Well, Pandit – Rubin’s pick for CITI’s CEO had a hedge fund to sell “old Lane partners”.
– Then, the fund closed. Whoops, wonder what happened? After this, CITI wanted the government to ante up over 300 billion in its troubled mess, again. OOPS- where is John Dugan from the OCC now? “The financial crisis inquiry commission” spotted Bob Rubin – Tim Geiger’s “mentor and hero”. As being a player in getting CITI into the mess and his downfall, this led to speculation in questions because so many decisions came from this one big bank’s troubles that if not for Citigroup’s ongoing problems with there have even been a big bailout – the other big banks were solvent at the first time that 125 billion was handed to them. CITI was not an going down there were other ways to deal with this one bank but the secretary of treasury and OCC would not have it – Geithner and Dugan. Head of the FDIC stated “if CITI had not been in trouble”-” would we have had these massive bailout program’s”. “So many decisions were made through the prism of that one institution’s needs”. Meaning Citigroup – sometimes, all it takes to back one department into a corner is political connections and city had that – after all, the new Tim Geithner Sec. of the treasury even though he didn’t pay his taxes for years and hired an illegal immigrant housemaid, had no hard experiences for that position. Did not apparently understand what a “regulators” job was when asked, even though he had been with the Federal Reserve for seven years. A perfect example why the government institutions must stay divided into individual indices with a Governing Power of regulation which the Founding Fathers of this Country meant to be. This is supposed to be a capitalist system – not socialist or communist. Does John Dugan understand that? The insanity of wanting “the Fed to provide liquidity to broker – dealers owned by systemically important financial institutions”. Sounds like Dugan needs to try retiring – maybe Tim could get him a job in Southeast Asia or one of Tim’s favorite “Citi” connections in India or Singapore – out of government finances or politics, though. When city got the 306 billion FDIC put a ring fence which meant city would have to absorb some and losses – not anything compared to what they got in city got to tell their creditors that the government was putting in the money – John Dugan, OCC was happy to avoid the truth that city had a higher capital ratio that it really did. And this coming from a person who not only refused homeowners help but screwed with the modification help they should have gotten not to cause re-default and more problems. Could Dugan be up to his old tricks under someone else’s directions believing that Citigroup – Citibank national, the big international city is going to hit bottom again and thinking the country in Congress will refuse to sink bottomless pitfalls of billions upon billions to bail out their mismanaged corruption of looseness with taxpayers money. Citi is still gouging homeowners they inflicted corruption upon with underhanded schemes. Washington Mutual didn’t get a bailout that city did. John Dugan Citi’s grading up even when it was failing. More of Dugan’s deception people – so, according to Dugan, head of the OCC then – Citi got a higher rating because of the government bailout and he did not plan on changing cities “supervisory rating” – sounds like John Dugan had a very personal interest in Citi as Tim Geithner’s actions proved he allegedly did. After all the hundreds of billions of dollars of government bailouts for CITI – John Dugan had no supervisory strategic plan for city. City was still a sick mess and needed a strong hand to oversee a strategic plan to overcome Citigroup problems and Dugan didn’t have a clue – so, is this his reason for trying to bypass elected officials – especially Congress to get a free pass and bypass the Oval Office next time to bail out his pet projects and even CITI. Let’s recap what Citigroup got from the government bailout and still is hounding homeowners that they cheated and deceived – manipulated documents, escrow taxes on wrong parcels of property, had their own representatives to do the paperwork and fraud never ends. Citigroup’s first and second bailout – 45 billion from tarp – 306 billion ring fence – 50 billion tarp, this is the loan Timmy had to pause his treadmill in the treasury gym to sign off on when he was secretary of treasury – 77 billion from the debt program, “access to hundreds of billions of dollars worth of cheap loans from the Federal Reserve” – looks like someone had a lot of clout in the works for Citigroup – Citibank – CITImortgage – CITI, whatever came up CITI – CITI was everywhere. All this money out the door and no restrictions. All this and still, are you ready – not enough to keep CITI clean – keep sliding down. It took more government bailout to keep CITI going. Stop the presses at this point. Poor management – remember the executive jets buying spree after the first bailout, bonuses, compensations, phony capital – the taxpayers were screwed and the homeowners took a beating – you don’t hear John Dugan wanting to help homeowners in his free fall plan of no one watching scheme, do you?
The bailouts help to shareholders, big bondholders, banks, executives – luxury living for favors, anyone? Homeowners – kicked off to the side and John Dugan now wants more homeowners blood without government interference. No laws, no rules – bypass elected officials approval. Just handed over – Congress may have a poor rating, but what kind of rating with this clown get?
Dirty politics John Dugan from the OCC – dirty tricks to keep the homeowners from receiving help – picture this, meeting – OCC passes out a surprise report to panel members, this surprise made up report to deceive and distort, a fabricated sham showed modified loans failed by 50%
-50% loss –
 also meant 50% gain as one member pointed out. Tricks – deception, the OCC went to get
this 50% – the OCC under Dugan – too bad he didn’t put effort into the modification program as he did for his chosen CITI bailouts. Back to the OCC report.  1. “Anything that changed the mortgage terms was counted as modification” and  2. “More than half of “modifications” included payment plans that actually increased borrowers payments”  3.this cockeyed OCC plan included to increase the borrowers payments “added in delinquent amounts – late charges – other fees” 4. “Included as a re-default – any payment that was more than 30 days late” – payments were deliberately held to make payments late. Keep that quiet would you please  5. By increasing payments through lies and deception made borrowers look as if they had defaulted under the modification plan presented but outcomes the OCC deception.  6. Credit Suisse made the OCC look foolish by just looking at borrowers who just got interest rate reductions – not bad for being screwed over even on the small interest rate reduction compared to how they jacked up other cost and fees  7. OCC pursed this sick ass report for always worthless paper that they came off as deceitful and manipulative  8. Any embarrassment for John Dugan? After the tricks and hoop jumps for city – and the shoddy modification scam report regarding homeowners  9. John Dugan’s OCC came up looking dirty after investigations got through sifting through the mark of how banks that were regulated by the OCC serviced mortgage loans- as far as John Dugan, the regulator of big banks – history speaks for itself in Dugan. “Citigroup is a textbook example of how not to run a bank”. The OCC under Dugan allow the “Citibank N.A. to essentially become a dumping ground for high risk assets. “There was little, if any effort to protect this bank from risk taking by other Citigroup affiliates”. – John Dugan – former Comptroller of the currency, OCC – talked about how policy makers and regulators had the power to act without approval or authority – if that was the case why is Dugan now lobbying for freedom that he said they had? Contradictions – he goes on to talk about the FDIC should not have to have approval to make “guarantees” because it is a bother to have to do in a possible crisis – – who will determine a possible crisis? Imagine if you will, oh, we have a crisis, get taxpayer money – bailouts – whoops – no crisis. The FDIC guarantees bank loans. This particular entity, part of our government as the OCC and the Feds and the Treasury Department all need to be scrutinized by elected officials such as Congress. Not to do so and to be turned loose and given free reign- to do what even they want, when they want- and call a crisis even when one doesn’t exist or there made to exist – to hand over tax dollars for their special interest to serve their purpose would be totally asinine and irresponsible. To give people like Dugan power- equals destruction. One only has to look, to what John Dugan and his friends, associates and cohorts did during the last crisis to know more Nice to be done to protect the taxpayer, Homeowners- not unless the FDIC, Treasury – the OCC all need more guidance and authority, not less. Checks and balances. More accountability to the public. It was John Dugan who wanted to hide CITI’s low rating during the crisis. It was Dugan who screwed with the modification program pushing his “re-default” excuse and other dirty tricks to the last for all these clowns to come up with comparing the United States system to that of “Germany, Canada, UK and Australia”. One could ask, what are they smoking? If these clowns believe these countries have a better system, they should move there. Looks like they may be afraid of new rules coming up!
This is an opinion – the contributor is not an attorney and this is not intended to give advice.