Wednesday, June 22, 2011

How a mobster answered courtroom questions before federal RICO laws:

Q:  Do you know Al Capone?
A:  No.
Q:  You don't?
A:  No.
Q:  I show you this picture.  Who is in this picture?
A:  Me and Al Capone.
Q:  You just said you didn't know him.
A:  I met him.  That don't mean I know him.
Q:  What does Mr. Capone do for a living?
A:  He told me he sold ties.

Excerpt from Jimmy Breslin's The Good Rat

Friday, June 17, 2011

Operation Fast and Furious, media timeline

[Latest update 04/12/2017]

03/24/2009 --- Media Research Center:  David Ogden Announces New Efforts With Project Gunrunner "As Directed By the President"

04/2010      --- Attkisson:  Gun shop owner used by ATF to sell guns to Mexican cartels writes to Phoenix ATF officials worried about his liability in the gun walking scheme.
06/2010      --- Same gun shop owner from above writes to ATF to make sure that the straw man gun walking sales are not crossing the border because "I have some very close friends that are US Border Patrol agents in southern AZ..."
06/28/2010 --- Attkisson:  Assistant to the president for Homeland Security John Brennan, Department of Justice and Homeland Security officials make a trip to Phoenix to announce the Obama administration's initiative to stop illegal trafficking between US and Mexico.
07/14/2010 --- Attkisson:  ATF Field Operations Assistant Director Mark Chait emails ATF Phoenix Special Agent in Charge Newell asks if any of the recent straw man gun purchase can be used as anecdotal support for the Federal government's push for Demand Letter 3 legislation.
07/28/2010 --- White House national security staffer O'Reilly emails ATF's Newell that he wants to share with his White House colleagues Dan Restrepo and Greg Gatjanis gun trafficking data provided by Newell. 
09/01/2010 --- Attkisson:  Newell emails O'Reilly that he has more statistics to share about gun trafficking.  O'Reilly responds: "Great-thanks.  We want John Brennan well-prepared to talk GRIT [Gun Runner Impact team].  White House's Jeffrey Stirling emails O'Reilly referring to the preparing of a power point presentation for a "high level" GRIT meeting coming up on October 5.
09/03/2010 --- Attkisson:  Newell sends O'Reilly more gun trafficking info saying, "You didn't get these from me."  
10/06/2010 --- Associated Press runs a story about eTrace: a database used to trace the flow of guns from US to Mexico.
10/18/2010 --- Attkisson:  Two Justice Department officials, Deputy Assistant AG of the Criminal Division Jason Weinstein and Deputy Chief of the National Gang Unit James Trusty, discuss gunwalking in an email exchange.  They are concerned with problematic public fallout. 
11/19/2010 --- Christain Science Monitor:  Obama's nomination of Chicago's Andrew Traver to head the ATF is facing fierce opposition from gun lobbyists
12/2010      --- Washington Post reports that US gun dealers are selling guns to Mexican cartels
12/14/2010 --- Attkisson:  US Attorney Burke emails colleagues that AG Holder wants to attend an upcoming AZ ATF news conference.
12/14/2010 --- MSNBC.com: US gun laws to blame for the weaponizing of Mexican cartels
12/14/2010 --- Fresno Bee [page disabled]: US Boarder Patrol Agent Brian Terry killed with an AK-47 along the AZ border
12/15/2010 --- Arizona Border Patrol press conference announces death of Agent Terry.
12/15/2010 --- JoD US attorney in AZ, Dennis Burke, notifies AG Holder's deputy chief of staff Monty Wilkinson that "the guns found in the desert near the murdered officer [Terry] connect back to the investigation we are going to talk about."  Wilkinson's reply: "I'll call tomorrow."
12/16/2010 --- Examiner.com blames shooting on lax federal border security efforts.
12/16/2010 --- Attkisson (9/2/2011):  Assistant US Attorney Emory Hurley sends an email saying the connection with Terry's murder and gun walking should be kept a secret.
12/21/2010 --- Attkisson:  US Attorney Burke emails AG Holder's deputy Wilkinson: "I would not recommend that [Holder] announce this case [come to AZ ATF press conference]."
12/22/2010 --- Cleanupatf.org:  ATF may have supplied assault rifles to the Mexican drug cartels
12/28/2010 --- Sipsey Street Irregulars: Agent Terry was killed by a gun supplied by a ATF program called Operation Gunrunner

01/04/2011 --- Attkisson:  ATF's Newell writes an internal email regarding a roundup of gun smuggling suspects will provide "another time to address Multiple Sale on Long Guns issue [Demand Letter 3]." 
01/25/2011 --- US Arizona Attorney press release: Agent Terry's shooter Jaime Avila has been indicted on gun trafficking charges
01/25/2011 --- Attkisson:  ATF's Special Agent in Charge Newell's press conference.  At end of conference a pesky reporter asks if agents let guns walk intentionally - "Hell, No!" is the answer.
01/26/2011 --- Attkisson:  Chait (DC) emails Newell (Phoenix): In light of our request for Demand Letter 3 , this case could be a strong supporting factor..."
01/30/2011 --- Mexican press reports on Project Gunrunner.
01/30/2011 --- FOX News: Sen. Grassley has offered protection to whistle-blowers and his staff has begun investigating Gunwalker
02/04/2011 --- American Thinker: Possible cover-up by the ATF regarding Project Gunwalker
02/04/2011 --- Justice Department's assistant AG Ronald Weich letter to Congress states that the ATF does not "walk" guns; any report that ATF knowingly allowed assault weapons into Mexico is false.
02/07/2011 --- Gun Rights Examiner: Justice Department had a high level of involvement in Project Gunwalker
02/08/2011 --- ABC News: US gun laws are to blame for Terry's shooting
02/11/2011 --- CBS video describes Project Gunrunner.
02/14/2011 --- The Washington Times: 12 ATF agents have come forward to comment on Fast and Furious.
02/15/2011 --- Attkisson:  Two ICE agents, Jamie Zapata and Victor Avila, are gunned down in Mexico by drug cartels with guns that were allowed to walk by ATF; Zapata is killed.
02/22/2011 --- CBS News reports on the ATF gunrunning "scandal."
03/02/2011 --- Christain Science Monitor story cites ATF tracking data in accusing US gun laws as major source of border violence.
03/04/2011 --- CBS News: Video interview with ATF whistleblower John Dodson
03/16/2011 --- CBS News: Rep. Issa, Chairman of the House Oversight Committee, is openning an investigation on Gunwalker
03/23/2011 --- CBS News: President Obama states that neither he nor AG Eric Holder had knowledge of guns being smuggled into Mexico
03/27/2011 --- CBS News: Former ATF attache to Mexico states that Operation Gunwalker had been approved at the highest levels of both ATF and the Justice Department
03/30/2011 --- Michelle Malkin: Project Gunrunner was funded by the Stimulus Bill
04/01/2011 --- CBS News: Rep. Issa's committee has issued subpoenas to the office of ATF Director Kenneth Melson
04/09/2011 --- CBS News: Majority of guns smuggled came from Phoenix ATF office
04/20/2011 --- Committee on Oversight and Gov't Reform publishes article and letter scolding ATF for refusing to comply with subpoena.
04/21/2011 --- CBS News: Mexico wants to sue US gun makers
04/21/2011 --- McClatchy: Mexican drug cartels are receiving guns from Central American military arsenals.
05/2011      --- White House directs Eric Schultz to handle press relations on Fast and Furious.
05/03/2011 --- FOX News reports on AG Eric Holder's testimony before the House Judiciary Committee.  Holder testifies that he first heard of Fast and Furious only a couple of weeks ago.
05/04/2011 --- CBS News has copies of documents that directly contradict AG Holder's congressional testimony.
05/17/2011 --- The Daily Caller quotes Rep. Issa claiming that investigators have proof that Operation Gunwalker was planned in Washington with key decisions being made by administration officials.
06/09/2011 --- Wall Street Journal reports on Project Gunwalker.
06/13/2011 --- Democrat Senators Feinstein, Schumer, and White House issue a press report accusing US gun laws, manufacturers, and dealers of arming Mexican drug cartels.
06/13/2011 --- CBS News: House Oversight Committee holds hearing to decide if Congress can hold DoJ in contempt.
06/14/2011 --- Associated Press reports on the Democrat Senators' [FSW] report accusing US gun laws and manufacturers of being responsible for arming Mexican drug cartels.
06/15/2011 --- C-SPAN reports on Fast and Furious [ATF name for the Phoenix, AZ operation under Project Gunrunner].
06/16/2011 --- NRA News interviews Rep. Issa about Operation Fast & Furious.
06/17/2011 --- ABC's Jake Tapper asks Press Secretary Jay Carney about Fast and Furious program at WH press briefing.
06/18/2011 --- Wall Street Journal reports that the DoJ will ask for the resignation of ATF director Ken Melson.
06/20/2011 --- CNN is reporting that AG Holder will meet with Andrew Traver, head of Chicago's ATF office, regarding replacing Ken Melson as ATF director.
06/24/2011 --- LA Times reports and Drudge links that acting ATF director Ken Melson is resisting pressure to step down, does not want to be the "fall guy," and is eager to testify.
06/27/2011 --- FOX News: ATF Gunrunner whistleblower has been fired by the agency.
06/30/2011 --- ABC News affiliate reports that additional guns from Fast & Furious are turning up at domestic crime scenes.
07/05/2011 --- ABC's Jake Tapper asks Jay Carney five questions about Fast and Furious at WH press briefing.
07/06/2011 --- FOX News: Acting ATF Director Ken Melson has accused DoJ officials of obstructing justice in the Fast and Furious cover-up.
07/06/2011 --- Examiner.com and Sipsey Street Irregulars report that Tampa ATF agents were directed to walk guns to Honduras for MS-13 gang members in Operation Castaway.
07/07/2011 --- Jake Tapper's ABC News blog: "This story keeps getting weirder and weirder."
07/08/2011 --- Free Republic reports that Project Gunrunner was specifically funded $10,000,000 by the 2009 Stimulus Bill.
07/10/2011 --- Daily Caller: Rep. Allen West to President Obama: Fire AG holder or be complicit in Fast and Furious cover-up.
07/12/2011 --- Daily Caller provides list of 12 Justice Department officials accused of conceiving and implementing Fast and Furious.
07/13/2011 --- LA Times reports on Congressional demands for the Attorney Generals office to release all documents relating to Fast and Furious.
07/13/2011 --- Town Hall reports on ATF emails implying that Fast and Furious was designed to promote gun control legislation.
07/21/2011 --- NPR reports on a possible DoJ smear campaign against ATF agent Fast and Furious whistleblower.
07/22/2011 --- LA Times reports on the evasiveness of senior Washington officials in the DoJ and ATF regarding Fast and Furious.
07/25/2011 --- FOX News: FBI and ATF ignored federal laws in Operation Fast and Furious and refuse to exlain why.
07/26/2011 --- Attkisson:  ATF Special Agent in Charge Newell testifies that he discussed Fast and Furious with White House national Security Director for North America Kevin O'Reilly as early as September 2010.  O'Reilly pressed his enthusiasm to share the info with White House staffers.
07/26/2011 --- Washington Times details Rep. Issa's accusations of the White House intimidating ATF witnesses in the Fast & Furious gun probe.
07/26/2011 --- Daily Caller reports on how ATF and DoJ officials responded to Mexican complaints about Operation Fast & Furious.
07/26/2011 --- Fox News reports on how Operation Fast & Furious armed Mexican drug cartels for "war."
07/26/2011 --- Reuters reports on the numbers of guns found at crime scenes originating from Fast & Furious.
07/26/2011 --- Wall Street Journal reports that 1,000 guns are still missing because of Operation Fast & Furious. 
07/26/2011 --- CBS News implies complicity of DoJ in Operation Fast & Furious.
07/26/2011 --- Washington Examiner posts video testimony of former ATF Phoenix field office head William Newell implicating ICE, DEA, and IRS as "full partners" in Operation Fast & Furious.
07/26/2011 --- CBS News: Former ATF Manager Newell shared Fast & Furious data with the White House as early as September 2010.
08/11/2011 --- Washington Times reports on a possible CIA connection to Fast & Furious.
08/16/2011 --- LA Times: ATF promoting three of the key supervisors involved in Operation Fast & Furious.
08/30/2011 --- CBS News & LA Times report that acting ATF Director Ken Melson is being "moved out" of the top job at the Bureau.
08/30/2011 --- Wall Street Journal reports that ATF probe will continue.
09/01/2011 --- Wall Street Journal: Reps Issa & Grassley are expanding ATF probe.
09/01/2011 --- Wall Street Journal publishes Congressional letter requesting information from ATF & DOJ from October 1, 2009 to the present.
09/02/2011 --- LA Times reveals White House Fast & Furious emails.
09/02/2011 --- Attkisson:  WH PR man Schultz releases "representative" summaries of documents requested by Congress to the media.
09/07/2011 --- FOX News:  AG Holder denies prior knowledge of "Fast & Furious."
09/08/2011 --- LA Times:  Fast & Furious guns tied to second violent crime.
09/09/2011 --- FOX News:  Third gun linked to Fast & Furious at border agent's murder scene.
09/12/2011 --- The Hill:  Issa: Holder so "inept he is dangerous."
09/12/2011 --- Daily Caller:  Obama administration in full cover-up mode.
09/14/2011 --- CBS News:  Three more murders linked to Fast & Furious.
09/19/2011 --- CBS News:  Release of secret ATF recordings raise Fast & Furious evidence questions.
09/19/2011 --- LA Times:  Mexico still waiting for answers on Fast & Furious gun program
09/20/2011 --- Town Hall:  Mexico AG: 200 Murders Result of Operation Fast & Furious
09/21/2011 --- FOX News:  Audio Tapes Reveal More Details of Fast & Furious
09/23/2011 --- Salem-News:  DOJ Inspector General may have compromised investigation.
09/26/2011 --- FOX News:  US tax dollars funded Fast & Furious gun purchases
09/27/2011 --- LA Times:  FBI informant smuggled Fast & Furious guns to Mexico
09/28/2011 --- Forbes:  Fast & Furious Might Be Obama's Watergate
09/29/2011 --- LA Times:  Fast & Furious guns turn up in El Paso
09/29/2011 --- NY Post:  Feds sold guns to drug gangs
09/30/2011 --- CBS News:  New Fast & Furious Docs Released by White House; a "Friday document dump."
09/30/2011 --- Politico:  White House withholds some Fast & Furious docs from Hill
10/02/2011 --- Daily Caller:  Despite new docs, WH: senior officials did not know ATF walking guns
10/02/2011 --- NYPost:  Furiously unraveling; Gun scandal still growing
10/03/2011 --- CBS News:  Documents: AG Holder briefed in July 2010
10/04/2011 --- FOX News:  House GOP Requests Special Counsel to Probe Holder on Fast & Furious
10/04/2011 --- ABC News:  Fast & Furious: GOP: Holder either Incompetent or Misleading Congress
10/04/2011 --- Weekly Standard:  CBS Reporter: WH Screamed, Swore at Her Over Fast & Furious
10/04/2011 --- HotAir:  CBS News journalist Sharyl Attkisson: White House, DOJ officials yelled at me over Fast & Furious reporting
10/05/2011 --- Politico:  Issa to Holder: Admit you knew
10/05/2011 --- LA Times:  ATF officials reassigned in latest Fast & Furious fallout
10/05/2011 --- Mediaite:  Jay Carney to Reporter "Screamed At" By WH: Toughen Up
10/05/2011 --- Washington Post:  New ATF Director: "Calm Down" about Fast & Furious gun sting
10/06/2011 --- FOX News:  GOP: Holder Received at Least 5 Fast & Furious Memos
10/06/2011 --- Real Clear Politics:  Obama: Holder "Not Aware" of Fast & Furious details
10/06/2011 --- Daily Caller:  Docs reveal Holder was given multiple detailed accounts of Fast & Furious
10/07/2011 --- ABC News:  AG Holder's Fiery Response to Critics
10/08/2011 --- LA Times:  Fast & Furious guns found in Mexico cartel enforcer's home
10/09/2011 --- AP:  Issa: Fast & Furious subpoenas coming soon
10/09/2011 --- FOX News:  House to Subpoena Holder in Fast & Furious Probe
10/11/2011 --- CBS News:  Subpoena for AG Holder imminent
10/12/2011 --- FOX News:  Subpoena Issued to Holder in Fast & Furious Investigation
10/12/2011 --- AJC:  Fast & Furious Subpoenas
10/13/2011 --- FOX News:  DoJ memos & emails from mid-2010 mention "Fast and Furious" by name
10/14/2011 --- Roll Call:  White House Press Aide Probed
10/14/2011 --- CBS News:  Grenade-walking part of Fast & Furious
10/26/2011 --- Daily Caller:  Fourth member of Congress calls on AG Holder to resign over Fast & Furious
10/26/2011 --- FOX News:  Homeland Security Sec. Napolitano testifies before Congress regarding Fast & Furious
10/28/2011 --- Daily Caller:  Eight members of Congress are calling for AG Holder's resignation due to Fast & Furious
10/28/2011 --- CBS News:  AG Holder scheduled to testify again before Congress on Fast & Furious
10/31/2011 --- TownHall:  NRA calls for AG Holder to resign
10/31/2011 --- CBS News:  DoJ official Lanny Breuer knew of "Gunwalking" in April 2010
10/31/2011 --- Daily Caller:  28 members of Congress now calling for AG Holder to resign
11/01/2011 --- FOX News:  DoJ official Breuer regrets not stopping Fast & Furious
11/02/2011 --- CNN:  Fast & Furious flap likely to linger
11/08/2011 --- CNN:  AG Holder:  Fast & Furious tactics will not be tolerated
11/08/2011 --- NPR:  Former AZ US Attorney admits to leaking Fast & Furious memo smearing whistle-blower
11/15/2011 --- Daily Caller:  43 members of Congress now calling on AG Holder to resign
11/22/2011 --- Washington Times:  Feds seal court documents relating to Agent Terry's murder
11/30/2011 --- Weekly Standard:  Obama Administration seals records of murdered Border Patrol Agent implicated in Fast & Furious
12/02/2011 --- CBS News:  DoJ Fast and Furious emails show disagreement over response to Grassley
12/02/2011 --- Washington Times:  Issa:  Holder ouster is up to WH
12/02/2011 --- Roll Call:  DoJ Reveal Origins of False Gun Letter to Congress
12/02/2011 --- AP: DoJ details how it got statements wrong
12/03/2011 --- NPR:  DoJ Withdraws Inaccurate Fast & Furious Letter Sent to Congress
12/05/2011 --- FOXN:  DoJ Caught in Lie About Fast & Furious
12/06/2011 --- CBS News:  State Department approved gun sales to Mexico arming cartels
12/07/2011 --- Politico:  Grassley: Lanny Breuer must go
12/07/2011 --- CBS News:  Documents: ATF used Fast & Furious to push gun control
12/08/2011 --- FOXN:  Holder: F & F Guns Will Be Used In Crimes For Years To Come
12/08/2011 --- Politico:  Sparks fly during Holder's F& F testimony
12/08/2011 --- Washington Examiner:  Holder: Nobody at the DoJ has lied
12/08/2011 --- Weekly Standard: Holder: Lying Has To Do With Your State of Mind
12/12/2011 --- National Review:  The Missing F & F Emails
12/15/2011 --- Washington Times:  Obama's Watergate
12/16/2011 --- Dallas News:  Holder's continued obfuscation on F & F
12/16/2011 --- USA Today:  Slain border agent's family: Prosecute the feds
12/22/2011 --- Daily Caller:  Senator Lieberman directs staff to examine Fast & Furious coordination

01/20/2012 --- FOXN:  Federal official Pat Cunningham will plead the Fifth at Congressional hearing
01/20/2012 --- AP:  State to Feds: We're going to investigate Fast and Furious, too
01/21/2012 --- Washington Times:  Arizona will open its own investigation into "Fast and Furious"
01/26/2012 --- Washington Times:  Issa calls for second prosecutor to testify about F & F
01/27/2012 --- AP:  DoJ turns over additional F & F docs
01/28/2012 --- Daily Caller:  DoJ informed of Fast & Furious connection to Brian Terry's murder on day border agent died
01/30/2012 --- CBS News:  ATF used "Fast and Furious" to make case for gun regulations
01/30/2012 --- Daily Caller:  DoJ won't say if Holder knew Fast & Furious gun killed border agent
01/30/2012 --- Washington Examiner:  DHS Sec Napolitano: Mistakes were made on Fast & Furious
01/31/2012 --- Politico:  Issa threatens Holder with contempt
02/01/2012 --- CBS News:  Family of Border Patrol agent Brian Terry sues U.S. government
02/01/2012 --- FOXN:  Family of murdered Border Patrol agent files $25M suit against ATF
02/02/2012 --- AP & FOXN:  Top DoJ officials had extensive knowledge of Operation Fast & Furious
02/02/2012 --- AP & FOXN:  Holder: No one punished for Fast & Furious
02/02/2012 --- Daily Caller:  DoJ #2 in 2009:  Fast & Furious a "terrific idea"
02/07/2012 --- Daily Caller:  Former Tucson DEA head: Holder either knew, or was willfully unaware
02/10/2012 --- FOXN:  Former DEA chief: 3 other federal agencies knew about Operation Fast and Furious
02/14/2012 --- TPM:  Issa Signals Contempt Proceedings Against Holder Over Fast And Furious
02/22/2012 --- CBS News:  Second gun used in ICE agent murder linked to ATF undercover operation
02/24/2012 --- American Thinker:  Napolitano Claims Ignorance in Second Gun Link to ICE Agent's Murder
02/28/2012 --- Real Clear Politics:  Holder Won't Call Fast & Furious A Mistake
02/29/2012 --- Daily Caller:  Issa interviewed by Megyn Kelly
03/16/2012 --- FOXN:  Lawmakers question Justice investigator's independence in Fast and Furious probe
03/19/2012 --- CBS News:  Prime gunwalking suspect was held by ATF but released
03/28/2012 --- FOXN:  Lawmakers push to interview ex-White House aide in 'Fast and Furious'
04/06/2012 --- Daily Caller:  Chaffetz: White House blocking access to ‘Fast and Furious’ witness who wants to testify
04/13/2012 --- Human Events:  Napolitano perjured herself in Fast & Furious testimony
04/21/2012 --- Washington Free Beacon:  New book claims FBI cover up of third gun in murder of border patrol agent
04/26/2012 --- Daily Caller:  Grenades part of Fast and Furious
04/27/2012 --- CBS News:  Government's answer to "Fast and Furious" records requests: Blank pages
05/03/2012 --- CBS News:  House GOP to distribute draft contempt citation against Eric Holder over "gunwalking"
05/18/2012 --- Politico:  John Boehner adds to pressure on Eric Holder
06/05/2012 --- FOXN:   Issa: Wiretaps show 'immense detail' about questionable Fast & Furious tactics
06/05/2012 --- NYTimes:  Boehner Aides in Talks With Justice Dept. on Gun-Running Inquiry
06/05/2012 --- CBS News:  Fast and Furious wiretap information obtained by Congress
06/07/2012 --- CNS News:  Holder Claims Emails Using Words ‘Fast and Furious’ Don’t Refer to Operation Fast and Furious
06/07/2012 --- The Hill:  Mole helps Rep. Issa whack Justice Dept.
06/11/2012 --- CBS News:  House committee schedules contempt vote against Holder
06/18/2012 --- The Hill:  Holder agrees to meet with Issa
06/19/2012 --- National Journal:  Issa Plans to Move Forward with Holder Contempt Vote
06/20/2012 --- Wall Street Journal:  Vote to Sanction Holder Escalates Gun-Probe Fight
06/24/2012 --- ABC News: Darrell Issa: President’s Executive Privilege Claims ‘Simply Wrong’
06/24/2012 --- ABC News: Darrell Issa: Tougher Gun Laws May Have Been Aim of ‘Fast and Furious’
06/29/2012 --- Roll Call: Darrell Issa Puts Details of Secret Wiretap Applications in Congressional Record
06/29/2012 --- The Hill: Issa reveals wiretap docs from DOJ mole
07/30/2012 --- LA Times: Five ATF officials found responsible for Fast and Furious
08/12/2012 --- CBS News: House Oversight Committee to file contempt suit against AG Eric Holder
08/21/2012 --- WaPo: ATF official also holding private-sector job
09/19/2012 --- FOXN: 'Furious' report slams 'disregard' for public safety as DOJ officials quit
09/19/2012 --- WSJ: DOJ Inspector General report
09/19/2012 --- CNS: WH Aide Declined Interview With IG; 'White House Did Not Produce Any Internal White House Communications'
09/20/2012 --- CNS: IG: White House ‘Made it Impossible’ to Pursue Lead in Fast and Furious Probe
09/21/2012 --- ABC News: President Obama Falsely Claims Fast and Furious Program “Begun Under the Previous Administration”
09/28/2012 --- ABC News:  The Untold Story Behind The "Fast and Furious" Scandal
09/28/2012 --- CBS News:  Republicans threaten to subpoena WH official
09/29/2012 --- Daily Caller:  Fast and Furious back in headlines as Univision reportedly finds more victims
10/12/2012 --- Town Hall:  ATF Whistleblower Fired in Denny's Parking Lot For Exposing Corruption
10/16/2012 --- New York Times:  Justice Department Seeks to Dismiss Lawsuit Over Operation Fast and Furious
10/29/2012 --- Daily Caller:  Fast and Furious a product of DOJ ‘deliberate strategy’ laid out by Eric Holder, other senior Obama officials
12/04/2012 --- Town Hall:  Key Fast and Furious Official Leaves Justice Department
12/04/2012 --- WSJ:  Firings Set Over 'Fast and Furious'
12/12/2012 --- FOXN:  Gun buyer connected to Fast & Furious, Brian Terry's death gets 57 months in prison
12/18/2012 --- CBS News:  ‘Fast and Furious’ Gun Found At Site Where Mexican Beauty Queen Killed

01/17/2013 --- Breitbart:  Attorney General Eric Holder and his Department of Justice have asked a federal court to indefinitely delay a lawsuit brought by watchdog group Judicial Watch
01/29/2013 --- Politico:  House, Holder may near deal on Fast and Furious contempt
03/22/2013 --- The Hill:  Top House lawmakers slam ICE division on 'Fast and Furious'
04/24/2013 --- Reuters:  Obama resists Republican bid to see gun smuggling operation documents
05/20/2013 --- Breitbart:  The Department of Justice (DOJ) Inspector General published a new report that confirms former U.S. Attorney for Arizona Dennis Burke leaked a document intended to smear Operation Fast and Furious scandal whistleblower John Dodson
05/21/2013 --- Politico:  Sharyl Attkisson of CBS News suspects DOJ tapped her computer starting in Feb. 2011
07/05/2013 --- LA Times:  Police chief killed with rifle lost in ATF gun-tracking program
08/14/2013 --- CBS News:  More Fast and Furious guns surface at crimes in Mexico
09/17/2013 --- Free Beacon:  Judicial Watch sues DoJ for Holder’s House contempt citation records.
09/30/2013 --- Politico:  Federal judge rejects AG Holder’s attempt to keep courts out of “Fast and Furious” documents dispute that led to him being held in contempt by House.
10/06/2013 --- Washington Times:  ATF tries to block whistleblowing agent’s Fast and Furious book
11/16/2013 --- Politico:  Holder appeals judge's ruling allowing House to continue with contempt case from his refusal to turn over docs related to DoJ's response to Fast and Furious controversy.
11/18/2013 --- Politico:  Federal judge refuses Holder's request that he be allowed to appeal a case where the House is seeking to enforce subpoenas for docs related to Fast and Furious investigation.


01/19/2016 --- USA Today: Judge rejects privilege claim in 'Fast and Furious' inquiry
01/20/2016 --- Fox News:  'Fast and Furious' rifle capable of taking down helicopter found in 'El Chapo' cache

04/12/2017 --- Fox News:   Fast and Furious scandal: Suspected triggerman in border agent's murder arrested




Wednesday, June 15, 2011

Mortgage broker & lending professional: How banks profit on bad mortgage loans

RUSH: Fred in Homer, Alaska. Fred, I really appreciate you holding on. You're going to help me to explain to people how people in the mortgage business make money with dead-end loans.
CALLER: I will do my best, sir.
RUSH: All right.
CALLER: When I was in the business, we would originate a loan. So I would find a borrower.
RUSH: Are we talking conventional, subprime? What kind of loan are you talking about?
CALLER: Well, I'm gonna talk about both. It kind of applies to both.
RUSH: All right.
CALLER: But the subprime is where it really got out of hand because they allowed the lending parameters to expand to such a degree that anybody could get a loan.
RUSH: Right.
CALLER: They could state their income, they could say whatever they wanted, and they would get the loan as long as there was a way -- you know, you'd look at the amount of money they're bringing in each month to see if -- they could actually make the payment.
RUSH: No, you didn't even look at that, did you?
CALLER: Well, I did, because --
RUSH: You didn't look at the past. You tried to guesstimate the future?
CALLER: Well, I wouldn't allow someone to take a loan that was not in their best interests but there were others who did and that's a story for another day.
RUSH: Well, but some of those people were forced to by government policy.
CALLER: Well, that's on the bank side.
RUSH: Yeah.
CALLER: But as an originator, still being in the free market, I had the choice whether or not I would work with somebody or not. Does that make sense?
RUSH: No, not to me. I don't know what you mean. How do you differ from a bank?
CALLER: Well, because I'm an originator, and I would find a client. Someone come to my office and say, "I want to buy a home" or "I want to refinance my home," and if --
RUSH: Okay, what kind of...? Are you a savings and loan, or what is it?
CALLER: I'm a private shop. I have my own little mortgage company, and I would --
RUSH: Okay.
CALLER: -- place my loans with the Lehman Brothers or the Wells Fargos or the Countrywides.
RUSH: I got it. So you're a mortgage broker, essentially.
CALLER: Exactly.
RUSH: All right.
CALLER: So what happens is -- I'm gonna use the figure of $150,000 to keep it simple -- someone wants to come in and take out a loan for $150,000 at the 7% interest. Principal and interest on that payment, rounding it up, is right about $1,000 a month. So as an originator I would charge a 1% origination fee so I would make $1,500. Now, that 7% loan, if I would place that loan to the lender, that would be a "par pricing loan," meaning they don't pay me anything to give that figure -- or that interest rate -- nor do I charge my borrower anything for that interest rate. Now, if someone wanted a lesser interest rate, they could pay more money against it, but if I wanted to give them a higher interest rate, the lender that I was placing the loan with would actually give me what they call a "yield spread premium." Does that make sense so far?
RUSH: Yeah.
CALLER: So, if I wanted to place that 7% loan at 8%, the lender would actually pay me another $1,500, so I could make $3,000 on that loan.
RUSH: Before anybody made a single payment?
CALLER: Exactly. Now, the bottom line is most people that take out mortgages would make their payments for six months, a year, two years, three years, four years. Because property values continued to go up, people kept pulling more money out of their houses and refinancing and putting that money into their pocket. So they would continue to make this thousand-dollar-a-month payment of which 97% of it, approximately, was interest only.
RUSH: Right.
CALLER: So let's just use a 12-month time frame. So if the lender pays me $1,500, I charge the borrower $1,500, well, the lender gets his money back in a month and a half; and then for the next ten and a half months, he's [the lender] making $1,000 a month on that loan. So they didn't lose any money. Plus, they still have the actual real property as collateral. So if and when the borrower defaulted, they still had the real estate. But it really didn't matter because Fannie and Freddie ultimately were the ones that would buy these bundles [of bad loans] that were speaking about previously, so the government would not allow the banks to get hurt. They wouldn't allow people like me to get hurt because the government was buying up all the paper, but it gets back to this: The government's out to help the little guy get into a property, and they put the burden of payment on the little guy; and they get fleeced because they pay out all this money, and then they lose their home and they're out all this money, and the brokers and the banks and all the intermediaries that sell these loans back to Fannie, make money on the back of the American people again. That's how it gets paid for.
RUSH: Even with people who aren't making the monthly payment though?
CALLER: Well, that didn't happen right away.
RUSH: I know it didn't happen right away.
CALLER: People would get in and they would honestly make their effort, and my experience was that very few people defaulted until the economy got to where it is today. You see? Back then... I've been out of the business for four years, and I told my wife when we moved here to Alaska, "You think that the savings and loan bailout back in the eighties was something? You haven't seen anything yet. You wait to see what's coming around with this group," and they're getting ready to do it again. So, it's crazy.
RUSH: Well, but at some point people did stop making payments on their loans, and you're right: At the height of that, I remember the number that was bandied about was that 95% were still making their payments on their mortgages.
CALLER: Exactly.
RUSH: Yet the whole industry was being tarnished by the 5% that had just checked out and were not making their payments.
CALLER: As is almost always the case, they shine the light on the bad apple to spoil the whole bunch, and that's how they did it. It's always the small percentages -- whether it's in mortgage or money or gay rights or against religion, they shine the light on that little teeny percentage -- to run and govern this country, and it's wrong.
RUSH: You make a great point. Fred, thanks for the call. I appreciate it.
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RUSH: Robert, Lakeland, Florida. Great to have you on the EIB, sir. Hello.
CALLER: Rush, what a pleasure, what a pleasure.
RUSH: Thank you, sir.
CALLER: I'm a lending professional here in Lakeland. I've been in the business for about eleven years, and really appreciate everything you're doing for us. Don't run for office, Rush.
RUSH: No. No way.
CALLER: You're the only solid voice in the system, so thank you.
RUSH: You bet.
CALLER: But I just wanted to throw something out here. There's quite a few changes that have occurred, and I wanted to go on the back of three points back with the gentleman who was the mortgage professional and to kind of add where he was. He said the last time he was in the business was four years ago, and I want him to know -- and I want everybody in the country to know -- the changes that have actually occurred in the lending practices and what has been perpetrated on the back end of the so-called little guy. FHA is under a greater control; changes have occurred. You know, in the Fannie Mae debacle that we've had, Frank and Dodd supposedly stood up and they brought all of these wonderful processes forward to restrict lending and to change the way that we actually lend to the people of America.
RUSH: Right, all for "the benefit of the consumer."
CALLER: Exactly, and that is not what has happened. What has actually happened and what people do not understand is, Rush, if you go and buy a house, what kind of lending do you use?
RUSH: Well...
CALLER: Conventional, right? If you were to buy a house with a loan -- which you don't need money, but if you were to buy a house with a loan -- you would use a conventional-style loan, correct?
RUSH: Yeah.
CALLER: Because it's the cheapest. It's [the conventional loan] the least amount of money out of pocket --
RUSH: Right. Exactly.
CALLER: -- and so forth with the fees that are associated with it.
RUSH: Yeah.
CALLER: Well, recently the small guy has had an increase on the amount of money that is required down. They increased it in the fall of last year.
RUSH: To how much?
CALLER: 3.5%.
RUSH: That's not bad. It used to be 20%.
CALLER: That's right. Well, now let's talk about FHA.
RUSH: Oh, you're talking FHA.
CALLER: I want to talk FHA with you and what I want you to understand is the small guys -- who were these small individuals who were in the country -- they're not able to buy the larger size homes. They don't have that 20% down. So what Frank and Dodd has tried to convince the American people of is that they're out here giving greater consideration to all these people that were taken advantage of during the subprime lending.
RUSH: I know, and it basically restarts that [the subprime lending bundles].
CALLER: Yes.
RUSH: I know. You know, not everybody's intended to be in a house. This is why the 20% mattered. The 20% mattered to have skin in the game so that it would be something that you would approach responsibly.
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