Friday, December 21, 2007

Wall Street Journal reports: SEC probes WAMU on appraisals

The SEC is investigating WAMU in connection with alleged inflated appraisals coerced from a First American Corporation subsidiary.

What’s new? Is involvement in fraud a systemic a long lasting way of life at the First American Corporation?

The SEC better be advised that the First American Corporation, WAMU’s partner in alleged crime, has never hesitated to conceal material facts from investors in the past.

We hold tangible proof on hand that, in order to entice investors to participate in a fraudulent loan, the First American Corporation failed to disclose hard facts of record discovered by First American examiners long before the loan was made.

First American Corporation went even further. In that instance, First American did not reveal to investors that in order to entice the lenders to participate in a fraudulent mortgage scheme, First American had secretly obtained a worthless indemnity agreement from the borrower.

As in the alleged case with WAMU, at the time, the First American Corporation was eager to accept a grossly inflated appraisal. The First American Corporation obviously did so then, just as it is reported to have done now. It stays motivated by uncontrolled greed and the lure of future business at any cost.Note that in my case, I have paid leading attorneys to discover the above and reach those damning conclusions. Their opinions are on hand! Sadly, most of the senior First American Corporation senior executives involved then are still at the helm and probably just as involved now!

Can a leopard ever change its spots?

Tuesday, December 11, 2007

First American Corporation (FAF) - Millberg Weiss

Status of Millberg Weiss investigation should be made public soon. In the meantime I am offering them all the help I possibly can. The following is just one example:

To: Millberg Weiss, New York:

Further to my e-mail of November 22, 2007, I dug up some more ‘tell tale’ damning comments by Kennedy, Kermot and Klemens.

Could your firm develop a line of questioning that would demonstrate that senior execs at FAF have a long history of misleading the public and they have never hesitated over the years to abuse the confidence of FAF investors and employees alike?

In depositions, could you quote verbatim (with back up audio if need be) the misleading and utterly false statements blurted out by most senior FAF execs? The parallels and repeat behavioral pattern between 1999/2000 and 2007 are indeed most revealing.

Could such a line of questioning not set the scene and help establish FAF’s entrenched ‘modus operandi’?

Even in the face of gloomy company news, they have never blinked at lying in an effort to turn the red ink not even pink but to actually make it look black if not green through their wishful glasses?

IMHO the Judges should be left with no doubt that if FAF could take their loyal shareholders and employees for a ride over the years; they could likewise abuse the confidence of those trusting and faithful employees who put their blind trust and fate in the sticky hands of FAF senior execs/fiduciaries.

Furthermore I found the following message on the Yahoo/Finance/FAF/Message board interesting:

“Re: id be selling into any strength (Not rated) 29-Nov-07 03:38 pm
lol, go FAF. thanks for the cheap shares! the 15% employee discount makes it even sweeter! still adding...

I question whether FAF fiduciaries benefited of the same 15% discount when they loaded the employees’ retirement fund with FAF stock?

Regardless the 15% discount policy to employees seems to confirm that when Wall Street shuns FAF stock for good cause, FAF management/fiduciaries look to employees to artificially shore up the price!

There is a saying in French: “Qui vole un oeuf vole aussi un boeuf!”

If in 1999, FAF execs could blatantly urge people to invest in the face of undisclosed disastrous news, why would they hesitate in 2007 to compromise their employees’ retirement fund?

Incidentally Note the critical dates between 1999 and 2007: April 21, 1999 stock closes at $16. April 22, 1999, Kennedy blurts his dividend increase remark. April 23, 1999, FAF stock closes at $20.69!

A mere six months later FAF closes at $11.50 on October 21, 1999.

Thereafter FAF declares losses and FAF stock tumbles to a low of $10.69 on March 13, 2000. A 50% loss in value over six months!

In 1999 did FAF execs and or fiduciaries also tap into their employees’ retirement fund just like they are doing now in 2007? Is it all a repeat systemic performance?

In 2007, do we have a rewind of the same strategy?

In May 2007 FAF presents at Lehman Brothers Investors Conference in London UK.
On June 1, 2007 FAF stock reaches an all time high of $55.11

Thereafter FAF announces losses, Lehman downgrades FAF and a mere six months after the May conference, on November 7, 2007 FAF closes at a low of $30.07! A little less than a 50% loss within six months so far!

Is it a virtual mirror image of the 1999 FAF performance or not?
In 1999, a trustworthy Chicago Title employee assured me that certain FAF employees were being paid to hawk FAF stock among fellow employees and real estate agents and clients. He further assured me that FAF had embraced the policy to: ‘Insure anything, litigate everything’ in their quest for industry supremacy. It is all catching up to them at long last.

Some misleading statements blurted out by FAF most senior execs in 1999:

Stock will come back so we can use it again:
http://www.geocities.com/listentokennedy/kennedy2.html?969640185570

Crazy world right now, valuations really aren’t entirely fair:
(Can Kennedy outsmart Wall Street?)

FAF culture get everyone to sell everything:
(Including company stock?)

Stock down but we are going to work on that:
(How? By digging in employees retirement fund for one?)
http://www.geocities.com/listentoklemens/klemens3.html?969992503500

Accounting change effect:
http://www.geocities.com/listentokennedy/kennedy3.html?970096420290

I guarantee you some time this year we will increase our dividend:
http://www.geocities.com/listentoparkerkennedy/fafdivincreaseguar.html?978064228

Those web based audios do not appear to be still available for playback through Geocities. But I could make the original tape available to you.

While I realize that audios are not always admissible as evidence in court, I believe that in depositions, playing back their own statements to the KKK clan could be worth its weight in gold!

Furthermore you could well find a way to introduce it as evidence. Even if it were to be struck out the mind frame of the court could be favorably influenced.

Please do not hesitate to contact me if I can be of any further help.

Good luck! Go for it!

Yours most sincerely,

Louis Leclezio.