the subprime mortage crisis, explained, plus bonus Jérôme Kerviel details

The Long Johns, John Fortune & John Bird, explain in interview just exactly how the subprime mortgage crisis really happened. Realer than you’d think (stolen from Valleywag)

My current favorite banking scandal-related fact: Jérôme Kerviel, the mild-mannered French rogue banker who lost over €4.9 billion in one month and may have thereby perpetrated the current market cliff-jump, had eleven friends on Facebook.

Parenthetical: Richard Milhous Nixon probably has more friends on Facebook and he’s for reals dead, not just career dead!

But the best part is, after the news broke, one by one as the day continued those eleven friends de-friended him while the journalists of the world watched and snickered. Justice in action! The internet’s revenge is swift, ruthless, and public.

Jérôme KervielFrom the Guardian:

There was speculation he could have been trying to prove himself to the bank, to create his own spectacular method of making profits or simply prove the system could be broken. Union officials warned he might have been caught in a quest for a good bonus…”If he was a genius, then we didn’t spot it, ” said Dominique Chabert, his university tutor. He was “not a student who made an impression on his year, either in a good or bad way”.

Apparently France’s tolerance for tragically mediocre Walter Mitty figures is less than its tolerance for Mickey Rourke.

add to del.icio.us :: Add to Blinkslist :: add to furl :: Digg it :: add to ma.gnolia :: Stumble It! :: add to simpy :: seed the vine :: :: :: TailRank

okay, um…?

Flying Barn

Don’t look at me. I dunno.
But ain’t no way I’m going in there and milking those cows.

add to del.icio.us :: Add to Blinkslist :: add to furl :: Digg it :: add to ma.gnolia :: Stumble It! :: add to simpy :: seed the vine :: :: :: TailRank

United Nations invites Pivot Legal Society lawyer David Eby to Geneva

Dave EbyUN agency invites Pivot lawyer to Geneva

David Eby to present on homelessness and Olympics

May 31, 2007

Vancouver – A United Nations-funded housing rights agency has invited Pivot Legal Society lawyer David Eby to Geneva to make a presentation on the impacts of the 2010 Olympic Games on Vancouver’s most marginalized residents.

Eby’s presentation to the Centre on Housing Rights and Evictions (COHRE) in mid June will be part of a larger workshop presenting final results from COHRE’s two-year study of the housing rights impact of international events, with a specific focus on the Olympic Games.

“I am honoured that this internationally recognized research agency has chosen Pivot to present on homelessness and the Games,” said Eby. “I will do my best to provide this international audience with a comprehensive report on Vancouver’s progress, or lack of progress on these issues.”

Eby has spent the last two years with Pivot studying the state of low-income housing in Vancouver’s Downtown Eastside, Canada’s poorest urban neighbourhood. In 2006, he was co-lead author of Cracks in the Foundation, Pivot’s comprehensive study of housing issues facing low-income residents in Vancouver. In 2007, he was an editor of the Impact of the Olympics on Community Coalition’s Interim Report Card and is a member of the Board of that organization. Experts from the UN High Commission on Human Rights and UN-HABITAT are also scheduled to present.

“Given Vancouver’s experience with Expo ’86, I would have thought our governments would be more concerned,” said Eby, “but with just over two and a half years to go before the games, the affordable housing legacy promised in the bid process has yet to appear and through Civil City our city council is poised to harass and displace Vancouver’s most vulnerable citizens.”

Stops at the World Health Organization, the UN High Commissioner for Human Rights, and the Joint United Nations Program on HIV/AIDS are on Eby’s itinerary.

—–

The results of the COHRE study are announced June 14 and Mr. Eby is speaking on June 14 and 15.

For more information contact:

David Eby – Pivot Legal Society – (778) 865-7997

———————-

About Pivot Legal Society
Pivot’s mandate is to take a strategic approach to social change, using the law to address the root causes that undermine the quality of life of those most on the margins. We believe that everyone, regardless of income, benefits from a healthy and inclusive community where values such opportunity, respect and equality are strongly rooted in the law.

add to del.icio.us :: Add to Blinkslist :: add to furl :: Digg it :: add to ma.gnolia :: Stumble It! :: add to simpy :: seed the vine :: :: :: TailRank

PSA: civil city slam Vancouver

From Pivot Legal Society:

“Civil City Slam”

Tuesday, May 22, at 7 pm at First United Church 320 E. Hastings St, at Gore Ave.

This forum is being organized as a result of an initiative undertaken by 16 Vancouver progressive elected representatives, representing 3 levels of government, including MP Libby Davies; MLAs David Chudnovsky, Adrian Dix, Jenny Kwan, Gregor Robertson, and Shane Simpson; City Councilors David Cadman, George Chow, Heather Deal, Raymond Louie, and Tim Stevenson; School Board Trustees Allan Blakely, Sharon Gregson, and Allan Wong; and Parks Board Commissioners Spencer Herbert and Loretta Woodcock.

David Eby from Pivot Legal Society will speak at this event.

Read Pivot’s reaction to the appointment of former B.C. attorney-general Geoff Plant in today’s papers, including the International Herald Tribune.

Where is Ottawa?

Wednesday, May 23, at 7 pm – 9 pm at Unitarian Church 949 West 49 Ave.

“Stop homelessness for now, for 2010, forever.” Organized by the Carnegie Community Action Project in cooperation with The City Wide Housing Coalition.17 Members of Parliament from Vancouver and the GVRD have been invited to discuss what the role does federal government have in solving homelessness and housing crisis.

Come and say hello to the Pivot volunteers and staff at the Booth table!

HOPE IN SHADOWS: Can you help?

We are full-steam ahead in organizing this year’s HOPE IN SHADOWS photography contest, exhibition and calendar. Every year we need corporate sponsors, and this year is no exception. We are hoping to expand on the successful training we offered last year, but we need a few more businesses interested in supporting us. If you know of any company that has a policy of helping the community, please let Paul Ryan know. We accept all levels of sponsorship, from the purchase of a month by to in-kind donations. Please e-mail Paul at pryan at hopeinshadows dot com or call Paul on 604 782 2861 if you can help, even if it is just telling us about a company you think would be suitable, and we will contact them. HOPE IN SHADOWS now has its own website: http://www.hopeinshadows.com

———————-

About Pivot Legal Society
Pivot’s mandate is to take a strategic approach to social change, using the law to address the root causes that undermine the quality of life of those most on the margins. We believe that everyone, regardless of income, benefits from a healthy and inclusive community where values such opportunity, respect and equality are strongly rooted in the law. 

add to del.icio.us :: Add to Blinkslist :: add to furl :: Digg it :: add to ma.gnolia :: Stumble It! :: add to simpy :: seed the vine :: :: :: TailRank

The suicide note of Jill Rockcastle

Greta Garbo as Anna Karenina

If I were a novelist (and currently I am not, I am an unfinished-manuscriptist) I would be incredibly proud of creating this document. Unfortunately for Jill Rockcastle and the man she killed, it is not fiction.

Jill and Bill, her husband, were highly respected in their community, and even loved. Acquaintances and neighbors described them as “the nicest people, fun to be around, always up,” which is why the death of Bill and Jill‘s subsequent 10-page confession and suicide came as such a shock.

But not, I think, nearly as much of a shock as the contents of the note.

Bill GustafikApparently, Jill and her husband had been systematically embezzling and ripping off the very people who loved them so dearly. Consumed by cocaine, criminality, and an unquenchable gambling addiction, tied to grandiose and relentless ambitions and an absolute lack of talent, they were headed for a massive fall.

Jill, shaking off the emotional paralysis that had held her for years, finally took action and, in doing so, turned this tawdry tale into epic tragedy.

This is my final statement done to help all the people affected by my actions, Bill‘s actions, the actions and the results of whatever does happen to them in our aftermath. I’m writing this so that each person that receives it will identify with the time period in which your experience occurred with him and I and can have some of the why, how, why me, how could they, what happened etc. answered. I am not trying in anyway to justify a single thing in here. I am not looking to clear my name or actions. I have already done the most final things possible to stop us from hurting anyone else.

“When Bill and I met, we discovered that we both had the ability to get pretty much anything we wanted out of people. I did what I did out of my need to survive. Bill did what he did out of the need to conquer. To be superior to the people around him. To look like the most successful person in the room. He lived his life feeding his narcissism.

“He did all kinds of performance and look enhancing drugs. He was very physically aware and fit. He felt superior in his profession as a Chiropractor. He was earning a large amount of money but I was constantly listening to conversations on the phone about lies and schemes against people and agencies to maximize what he was paid.

“I was working in the mortgage business and as anyone knows that has owned a home and gone through the finance process, it usually involves being bullshitted all the way to signing documents that never exactly match what you thought you were getting. Both of us lied, manipulated, cheated, conned and hustled people to make the most money for us

[to the ex-wife] —Joanne
“This letter is to help you and xxxxx. I want you to know that the way you felt about Bill and why he was so horrible to you was not for any other reason than Bill preferred fighting with you over just being happy with xxxxx. I don’t know why but I do know that his hatred for you must have been more than that. What you thought and portrayed to the world about him governed every move he made. He wanted everyone to view him as the best Dad I think because he didn’t even know how to be one. He loved xxxxx inside but did not for whatever reason, know how to take care of her emotionally. He did not have a caring nurturing bone in his body. He felt love but didn’t feel the need nor have the ability to be weak in it. He felt he always had to be “Top Gamer.”

Two years ago, he did plan to have you and your Mom killed. He paid a guy to do it while we had xxxxx in Las Vegas for our Christmas time. It was the scariest few days…

Possible Exculpatory Evident. In addition to what may be revealed during the post, there is a yellow box in Bill‘s office, setting under the day bed, which should contain cocaine residue. Also in the office, setting on the day bed, is a box and flex file containing the various evaluation materials. This includes a 4-5″ green folder containing the vicious and threatening emails between Bill, Joann and others. The divorce papers are located in a black file cabinet to the right of Bill‘s desk.

I know that everything I have disclosed here does not excuse this. It does not explain it and it does not help me in anyway. I am not sending this for that purpose. I fully intend at this time to end this entire tragic string of events by ending my life as well. I know my children will have to learn to accept that but no one else should accept me being allowed to live whether it be in jail for the rest of my life or anywhere or how. I had to stop us. Everyone that was part of this I hope you recover. I hope you can take your disgust and anger with us and put it on us. Find console in the fact we are gone and cannot hurt you anymore.

If for some reason I fail in this, at least this will guarantee my conviction and I will have to pay everyday for my disgusting life.

Not that it could mean anything but I am truly sorry. To the people who loved me, I apologize for this shame. I hope you can walk away physically and emotionally from us. I hope you can forgive only enough to insure your own future happiness.

add to del.icio.us :: Add to Blinkslist :: add to furl :: Digg it :: add to ma.gnolia :: Stumble It! :: add to simpy :: seed the vine :: :: :: TailRank