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By Doug Porter
San Diego Mayor Kevin Faulconer and Tijuana Mayor Jorge Astiazarán appeared at inside the glass-walled Shiley Special Events Suite at the Central Library for ceremony this morning to announce plans for greater collaboration between their cities.
The Memorandum of Understanding (MOU) is the first agreement of its sort since 1994, when the North American Free Trade Agreement (NAFTA) was implemented. Local governments are pledging collaboration in the areas of economic development, border infrastructure, environmental stewardship and public safety.
Their commitment to collaboration on public safety may be tested sooner than they think. Unrest in Mexico, triggered by the disappearance of 43 students in the state of Guerrero is reaching a fevered pitch. Nationwide demonstrations in Mexico on November 20th are prompting activists north of the border to hold protests that day. Here in San Diego, a protest is scheduled for Thursday at the Mexican Consulate (1549 India St) in Little Italy.
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Wall Street Fraud on a Massive Basis
By John Lawrence
In an article in Rolling Stone, Matt Taibbi lays out the case involving massive fraud on the part of JP Morgan Chase, one of Wall Street’s biggest and un-finest banks, considered too big to fail and, evidently, too big to prosecute for the massive criminality it is guilty of. It has been well documented what they and other Wall Street banks did that caused the financial crisis of 2008.
First, their counterparts lured everyone with a beating heart into their offices and gave them a mortgage regardless of their credit score, regardless of whether or not they were working, regardless of whether they could even afford to make a mortgage payment. Countrywide is the prime example of the predatory recruitment of low income people in order to turn them into homeowners despite their inability to pay.
As soon as they had signed on the dotted line and Countrywide had collected their commissions, they offloaded the mortgages to JP Morgan Chase and others so that they could be collectivized with other mortgages, securitized and given triple A ratings by credit rating agencies like Standard and Poor’s and Moody’s, then sliced and diced into tranches and sold off as Collateralized Debt Obligations (CDOs) to pension funds, retirement funds, insurance companies and other unsuspecting dupes.