As (special Regulator) for Fannie Mae

According to a recent Washington Post Report on October 3:

"As Washington donnybrooks go, it doesn't get any bigger than this.

The company, housing lender Fannie Mae, is the biggest in the region, with nearly $1 trillion in assets and gobs of outstanding debt held by pension funds and banks and even foreign central banks, all of which crave its implicit U.S. government guarantee. Its executive suite and board of directors are packed with the politically well connected, while its lobbying muscle is so formidable it has been able to fend off a concerted effort to rein in its growth and profitability by the White House, the Federal Reserve and the Republican leadership on Capitol Hill.

But now Fannie is reeling. A stinging report issued by its once-obscure regulator, the Office of Federal Housing Enterprise Oversight, alleged that top Fannie executives manipulated accounts to inflate and smooth earnings in an effort to boost the stock price and earn big bonuses. The regulator accuses the company of having lax internal controls and insufficient capital to back up its massive financial risk-taking, while ignoring the warning of a whistle-blowing employee no longer on the payroll. The report, prepared by Deloitte & Touche and Stanley Sporkin, a longtime enforcement director at the Securities and Exchange Commission, has now prompted criminal and civil probes by the Justice Department and the SEC. "

We are skeptical that Stanley Sporkin should be involved in "preventing" mortgage fraud. Fannie Mae has traditionally been viewed as a Democratic stronghold -- and we are in a tight Presidential election after years of a mortgage bubble that has enjoyed deeply bipartisan support and profiteering. Are the factions fighting over diminishing cash flows in a bursting bubble? Is their competition for money laundering channels in the mortgage markets? Indeed, we have many unanswered questions on Sporkin's role protecting mortgage fraud throughout his career and how that connects with the Bush Administration assigning him to terrorize Fannie Mae's leadership.

Sporkin was the Judge who governed the most outrageous and lawless aspects of the nine year qui tam lawsuit targeting of Hamilton Securities, helping to ensure that the Community Wizard software tool never saw the light of day and numerous honest people were run out of HUD. This made possible, among other things, the subsequent disappearance of $59 billion and fraudulent practices in the HUD defaulted mortgage programs.

A detailed review of the record shows that Sporkin was astute at how to use the authority of the court and the patina of good government to wipe out the shareholders and creditors of Hamilton Securities.

If you are a Fannie Mae shareholder, or own shares in a bond or equity mutual fund or money market account that holds Fannie Mae securities, you may want to learn more about Stanley Sporkin's history of using governmental and judicial legal authority to vaccum clean private investors and homeowners' hard earned equity.

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As US Federal District Judge - District of Columbia

Judge Sporkin was for many years the presiding judge on the Ervin Qui Tam case against Hamilton, and litigation brought by Hamilton attempting to dismiss, resolve and stop the qui tam as well as related investigation and other abuse of process.

Judge Sporkin’s extension of the seal almost four years, without evidence of any wrong doing and despite an FBI investigation report and HUD IG audit report finding that there was no evidence of wrong doing, created a “star chamber” which permitted the government to argue contradictory positions: in the Bivens case brought by Ervin in open court; and in the Qui Tam case behind the seal. It also ensured that irreparable harm was done to Hamilton and its lead shareholder, Catherine Austin Fitts, before they were allowed to know Ervin’s allegations against them, to have a forum in which to address or refute any allegations, including as they were leaked to the press, or to know that no evidence of any wrongdoing had ever been produced.

Judge Sporkin retired from the bench shortly before the Qui Tam was unsealed. Hearing transcripts for some of the most sensitive hearings on the qui tam and other hearings related to the targeting of Hamilton are missing or unavailable from court records.

Also at the time of his resignation from the bench, Sporkin's role in the falsification of an affadavit related to the conviction of Edwin Paul Wilson attracted media attention (see Ed Wilson's Revenge, FTW 1/00), as well as in October 2003 when Wilson's conviction was vacated and the Department of Justice announced an investigation into the matter (see Opinion on Conviction; United States of America vs. Edwin Paul Wilson, and Inquiry in Case of Arms Dealer, Washington Post, 11/03).

Links

For stories which describe aspects of Judge Sporkin's role in targeting and destroying Hamilton Securities, including the seizure and destruction of Hamilton's software tools and databases, see:

Where is the Money? Litigation website - a comprehensive website documenting this case
http://solari.com/gideon/

Fitts Fights Back, by Michael Ruppert
http://www.fromthewilderness.com/free/ww3/110603_fitts.html

Where is the Collateral?, by Chris Sanders
http://whereisthemoney.org/S00223_collateral.htm

So, Where is the Collateral?, by Chris Sanders
http://whereisthemoney.org/collateral_II.htm

The Dangerous World of Catherine Austin Fitts, by Mari Kane
http://www.metroactive.com/papers/sonoma/09.05.02/fitts-0236.html

Former Bush Assistant Secretary for HUD Reveals "Ethnic Cleansing" Connected to CIA Drug Dealing in Los Angeles
Government Spends Millions in Campaign to Silence Former Wall Street Banker, Cover Up Connections to Dark Alliance Stories & CIA Inspector General Report on Drug Trafficking
http://fromthewilderness.com/free/economy/ethnic_cleansing_usa.html

Uri Dowbenko's "Catherine Austin Fitts: Enemy of the State" Series:

HUD Fraud, Spooks and the Slumlords of Harvard
http://www.conspiracydigest.com/bushwhacked.html

DOJ Lies
http://www.conspiracydigest.com/dojlies.html

Redefining the Killer App: AntiTrust and the Real World
http://www.steamshovelpress.com/altmedia6.html

Ed Wilson's Revenge, From The Wilderness, 1/00

Opinion on Conviction; United States of America vs. Edwin Paul Wilson, Court Document

Inquiry in Case of Arms Dealer, Washington Post, 11/03

As General Counsel for the CIA

Judge Sporkin is the former General Counsel of the CIA and former head of the Securities and Exchange Enforcement Division, both under William Casey.

Judge Sporkin was the CIA General Counsel during the Iran Contra period, including at the time that the CIA entered into the now infamous Memorandum of Understanding with the Department of Justice that permitted it to not report narcotics trafficking by CIA assets.

The Memorandum of Understanding between the CIA and DOJ was published as part of the declassified two volume report by the CIA Inspector General confirming the “Dark Alliance” allegations regarding CIA complicit narcotics trafficking.

In early March 1998, Judge Stanley Sporkin approved the court takeover of Hamilton Security Group’s office during which Hamilton’s software tools and databases were destroyed or seized by the court. This included the maps of high defaults on HUD mortgages in areas targeted by alleged CIA narcotics trafficking. While Hamilton was locked out of its offices and was overwhelmed by managing the workload related to an effort by government investigators to falsify “evidence” while controlling and trashing Hamilton’s offices and systems, in hearings on Volume 1 on March 15^th, 1998, CIA Inspector General Hitz disclosed the existence of this secret agreement between the CIA and then Reagan Attorney General William French-Smith. On October 8^th, 1998, the declassified version of Volume II was made public one hour after the House of Representatives voted to conduct an impeachment inquiry on President Clinton and just before House members were compelled to cease all other activity to resolve the budget crisis.

The narcotics trafficking by CIA during the Sporkin years as CIA General Counsel were further illuminated by the depositions of Tom and Desiree Ferdinand, son-in-law and daughter of Col. Al Carone, formerly of the CIA, Army and NYPD, filed that year in a lawsuit against the CIA that were maintained under seal until recently. (D'Ferdinand deposition by attorney Ray Kohlman - Part I, Part II, Part III, Part IV, Part IV. Tom Ferdinand deposition by attorney Ray Kohlman - Part I, Part II, Part III.)

The Sporkin years at the CIA were also illuminated by numerous reports of arms and narcotics trafficking in Arkansas during Iran Contra and related money laundering through the state housing agency, the Arkansas Development Finance Agency. During this period, Vice President George H. W. Bush was in charge of all US enforcement and intelligence operations through the National Security Council, President Bill Clinton was the Governor of Arkansas, and Senator Hillary Clinton was a partner in a law firm that served Arkansas Development Finance Authority.

"The Latin American drug cartels have stretched their tentacles
much deeper into our lives than most people believe.
It's possible they are calling the shots at all levels of government."

-William Colby, former CIA Director, 1995

Links

Tony Soprano HUD Fraud and Map of South Central Los Angeles HUD Defaults
http://www.solari.com/Sopranoswithmap.pdf?0cv=CB20

Place-Based Survey Material, prepared by Hamilton Securities Group
http://www.solari.com/gideon/legal/background/DesidnBk/place.htm

Loan Sale Design Book, prepared by Hamilton Securities Group
http://www.solari.com/gideon/legal/background/DesidnBk/Home.htm

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Additional Background Information

Judge Sporkin joined Weil, Gotshal & Manges as a partner. Weil Gotshal is considered one of the leading bankruptcy law firms in the US. Weil Gotshal is the lead bankruptcy counsel to Enron, whose financial managers have been indicted for money laundering.

Weil Gotshal’s website and “Who’s Who in America” provide the following information.

• Hotseat Home
• Stanley Sporkin
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• Condoleezza Rice
• US Treasury

• whereisthemoney.org
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• Scoop Media
• Sanders Research Associates
• Le Metropole Cafe
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• nomorefakenews.com
  with Jon Rappoport
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