Wednesday, November 26, 2008

Might is always right... to some... Viva all First Americans...

The First American Corporation conspired with WaMu. Together they connived to overstate real estate values. New York Attorney General, Andrew Cuomo, filed suit against the First American Corporation. Cuomo denounced their fraudulent practice towards New Yorkers and the whole sub prime industry. Indeed the Attorney General blamed First American for being at the root of the world financial crisis!

But! Why worry? Be happy! It will soon be business as usual! If we are to believe a post read on the First American Corporation/Yahoo message board!

The First American Corporation can count on the other First American to bail them and all the other American financial criminals out!

A bird named Bush in the hand is most definitely worth two eagles in the bush!

Consider the following statement picked up on the Yahoo – Finance – FAF message board on October 24, 2008

“Re: First American Involved in Fraud 24-Oct-08 04:27 pm
Yes I just read the complaint again. Even after they get to respond they will probably be found to have violated business statutes. So what's the downside for FAF? Disgorgement of profits and fees ($12.5MM if one-fourth of the $50MM in appraisal revenues were affected); pay actual damages (big unknown? how to establish in this dropping housing value environment?); punitive damages ($37.5MM at 3x 12.5MM, a wild guess?); terminate that business or divestment. Incidently, the appraisal adjustments quoted in the complaint seem to be about 1-5% for a $500,000 property, and that seems minor against the backdrop of a 25% drop in subsequent housing values. What if they settled for $100MM? That's not so much for a company with a current market cap of about $3B, and which has seen its price already drop from highs: Jun'07=55, Feb'08=42; Sep'08=32; now=18, and with a comparable low in 2001. Houses are selling much better this month than a year ago. Revenues should be going up now. There is an outstanding issue of future regulation and fee capping in this business. Shouldn't we be starting to buy FAF here? Any non-nasty comments? Disclosures: holding FAF common bought around $38/sh awhile ago (ouch!); and bought a house this month with a First Amer Title Policy attached.
.

It is most definitely not a question of ethics. Might is right. It all boils down to a ‘meaningless’ fine for a company worth – excuse me sir - how many billions today? Oh! I almost forgot: The U.S. Govt will provide the bail out funds if need be! No mighty, naughty and haughty could ever become a jail bird! We are having too much fun… The party must go on… at any cost…!

This time it will cost a minimum of $1.5 trillion to feed the greed of the mighty. Jail bail omitted for committed crooks!

Friday, November 07, 2008

A black First American - That's Title To Justice

A black First American – That’s Title To Justice!

Free! Free at last… Americracy has finally freed itself from bitter mediocracy!

From Africa to America a thousand bushes of dim lights have yielded to the shining brightness of millions of red flaming hearts igniting all races and colors to flash new rays of hope sky high!

A weak burnt out Bush, brought to his knees through wrecking general havoc over the world, has surrendered to the power of those who humbly kneel down before the Burning Bush!

The scale of the wealth of the mighty could not tip the scales against the more worthy!

The White house will finally be the Black’s house opening its doors to all without discrimination.

Winning 92% of the International community’s vote, the election of President Obama by Americans was crucial for the welfare of the world village.

Christmas is drawing near. The theme ‘Peace to the world…’ will be soon sung by the ‘Voice of America’ choir. This time, it will strike a meaningful new note in renewed hearts the world over.

And for the first time in years the world should gladly echo back the refrain: God Bless America!

Change! Yes we can! Change if not the color of our skin, at least the color of our thoughts.

In Mauritius our Honorable Prime Minister, Dr. Navinchandra Ramgoolam, the stateliest of international statesman, (as once again evidenced and further confirmed during his recent tour of Asia, Europe and North America) has urged us and shown us how to capitalize on our diversity by strengthening our bonds of unity.

There is a season for everything. May a new young President from the new world humbly accept much wise guidance from an outstanding scholar and a most successful and more seasoned Prime Minister from a much older and most dynamic world.

Change! Yes we can! A bonding and mighty Prime Minister from Mauritius, a relatively small mixing pan, and a budding starting, yet small American President from a once mighty and respected melting pot can and should come closely together to show the world that through change all things are made possible with God’s help. Can we all cheer them on and follow their example to make our entire world a durable one?

America has canned Bush, and sent him to the back of the Barracks. With time, may the world come to forget and forgive the Bush arrogance and hopefully that of his followers…

There is a season for everything… Even for the mighty Prime Minister of a smaller nation to lead the younger President of a mightier country along the visionary highways of our common world village! Thus, for ever more the might of the right will NO longer be right …!

Friday, October 24, 2008

NYSE symbol: FAF = First American Frauds

On November 3, 2008 the post below will be a year old. On Nov. 5, 2007 after we first sounded the alarm on November 3, 2007, FAF stock was at: $31.53!

Today FAF had a low of: $16.71 – Wow!

What will FAF be at on Nov. 3, 2008?

After we posted on Nov. 3, 2007, savvy financial gurus took heed and dumped FAF.

Fool hardies went in headfirst way over their head.

Will those fund managers get lynched by their clients for jumping on board a sinking ship?

What perks did such fund managers receive for shedding all red flags to the wind and diving in those murky waters blindfolded?

Can a few director nominations justify drowning investors and setting their funds adrift?

Who is next to be sued re this long foreseen and predictable debacle?

Remember back then house prices were never supposed to fall – FAF and WAMU thought they could for ever pump this ‘blow proof’ balloon and fool the world!!!
Again we ask: Who has contributed heavily to the present world financial crisis? If none other than the First American Corporation and its subsidiary?

Who recalls this November 3, 2007 Post:

First American involved in fraud…

This is nothing new!!!

In 1996 First American engaged in fraud and defrauded our family of millions of dollars.

At the time, FAF’s senior exec, Ad Zetz was deposed. He was asked why had First American engaged in fraud and violated its company manuals. Under oath, Zetz callously answered: “We had a chance to make a couple of thousand bucks!”

Highly respected attorney. Jerry Lasky Esquire of Moses & Singer, New York, sifted through documents and found a memo stating that the company was prepared to take a “considerable risk for future business.” Indeed in spite of being actively involved in the title industry for over 33 years, Mr. Lasky had never come across any title company doing something so egregious!

Has anything changed at FAF over the last 11 years? Why does FAF senior execs systematically condone at best shady if not fraudulent transactions?

In her post on 11/02/07 janekane12 writes: “First American continues to prove that its leadership is ethically challenged.” Speaking from personal experience I confirm that ‘ethics’ is not a priority at FAF!

Janekane12 goes on to explain why ethics is of concern: “Most of the fines levied against title insurance companies are insufficient to deter improper behavior. Obviously, these types of arrangements are profitable. But this case, however, may be different. This one has the potential to be huge!

Now let us review the huge scope of the present case.

Could it generate a few class action suits in addition to civil and criminal proceedings by New York State, US residents and foreigners ?

Could investors who attended the Lehman Brothers conferences and invested heavily in FAF file suit? What did they hear from ex Lehman insider Frank McMahon that caused the FAF stock to reach an all time high shortly before it imploded? Did Frank and Parker Kennedy warn investors that FAF was about to turn in a loss for the quarter or was about to face major suits?

Could home buyers file a class action seeking refunds for all the extra payments they had to fork out as a result of their homes being overvalued?

On 10/31/07 nysemarketmaker wrote on this board:

“$12 in cash Hey! Should we be impressed? Please advise how much will be left after FAF settles claims? How much more needs to be set aside for upcoming major claims? Is FAF not also exposed to class actions that could allege that FAF and its execs have defrauded stock holders?”
And how about buyers of overvalued homes?
On 11/01/07 Forbes.com reported Cuomo’s statement: “Cuomo said eAppraiseIT and the parent company, ‘First American’ knew its actions were illegal, citing an April 17, 2007 e-mail from eAppraiseIT's president to First American that said: "We view this as a violation of the Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Deposit Insurance Corporation and Uniform Standards of Professional Appraisal Practice influencing regulation."
On 11/02/07 janekane12 also wrote:

This case has been described as "one of the highest-profile government actions yet to assign blame for the mortgage crisis that is causing havoc in the financial markets." People are looking for someone to blame for the mortgage crisis - here is an excellent opportunity to send a message.”

A few on this board have attempted to opine that neither FAF nor WaMu had much to gain from overvalued real estate!!!

How asinine!

Remember we ‘were’ in a rising market. Remember FAF does not blink an eyelid before screwing a family out of millions of dollars “to make a couple of thousand bucks” and pursuing the lure of future business!!!

How much more did FAF earn for every $10,000 a house was knowingly overvalued by?

How much more did WaMu get to collect monthly for every $10,000 a house was knowingly overvalued by? Did it all not help WaMu inflate its paper?

Furthermore what was the perceived risk?

In a rising market, a higher valued home could increase the risk of the borrower defaulting through higher monthly payments. So what? So much more for FAF and WaMu! WaMu ends up with 'so called' higher assets on its books, FAF ends up insuring and closing more deals through WaMu!!!

Tuesday, October 21, 2008

First American Corporation – The Eagle Is Wounded

And lawyers are all over busily digging its grave!

Will it ever rest in peace after all the pain and suffering it has inflicted upon so many?

Can it ever rest in peace after providing so much grease to the wheels of the world financial crisis?

The First American Corporation: I was # 1, once upon a time. The first will be last and the last will be first. How true!

But vanity of vanities - All is but vanity! What did the First American Corporation executives gain by their vain greed?

News of Note from Stanford Law School – Securities Class Action Clearinghouse in cooperation with Cornerstone Research:

“On September 18, 2008, Judge Lewis A. Kaplan granted the motion to appoint the Berks County Employees' Retirement Fund as Lead Plaintiff and further approved their selection of Grant & Eisenhofer P.A. as Lead Counsel.

Named as defendants are First American, the Company's Chief Executive Office and Chairman of the Board, as well as the Company's Vice Chairman and Chief Financial Officer.
The Complaint alleges that, during the Class Period, First American and certain of the Company's officers and directors engaged in an illegal scheme with Washington Mutual, Inc. ("WaMu"), whereby the defendants, through First American's real estate subsidiary, eAppraiseIT LLC, prepared artificially inflated appraisals of homes for use in connection with mortgages issued by WaMu. During the Class Period, in quarterly earnings reports, the Company's management reported increased earnings from appraisal fees and reassured investors that internal controls were adequate. The Complaint alleges that First American's fees from the improper appraisals resulted in the Company overstating its gross profit margins and net income during the Class Period and that throughout the Class Period the defendants made false and misleading statements regarding the Company's internal controls and financial performance.”

Habit dies hard! Posts throughout www.lleclezio.blogspot.com establish that fraud and misleading statements are a systemic way of life at FAF exec level!

Sunday, October 19, 2008

Communion is # 1


Dear Children, 21 Grand Children, family and friends,

Imagine living in a society where the priest, Father Alex Perrine, begins his sermon this morning saying: “For those of you who can read – The sign on the altar today says: Render unto God what is His and to Cesar…”

Imagine living in a society where I have seen our elderly neighbor stand at the bank with numerous others patiently and trustingly waiting for someone who knows how to write to come in. He and others can then blindly hand over their bank book and ask ‘a good Samaritan’ to fill their deposit/withdrawal slip!

How far we are from internet banking in such a society? But as I learn every day and specially so today – How close is such a society to God!!!

I have come to ask myself daily: “Is a society that promotes the “I am #1 dogma, a #1 society?”

What makes a #1 society?

Well, today some 47 children received their first communion at our little village church known as St. Pierre.

When you think how so financially poor those children and their parents are, you are certainly moved to tears when, a few hours after church, you hear a little voice outside calling: “Mr. Louis – Mr. Louis – Mrs. Eve –Mrs. Eve!”

And there is a little girl all dressed in her pure white satin dress, with an equally pure white satin basket with lace embroidery full to the brim with ‘Brioches’ and slices of home baked cake destined to all friends and neighbors!!!

And since they have no car they go smiling walking up and down the steep hills that Lou knows under the baking sun to share their bread and the joyful body of Christ they have just received!!!

I attach a picture showing the little bag in which one of the brioches and the cake was delivered!
“Devant mes parents et mes amis, j’ai pris l’engagement de servir le Christ toute ma vie.
La Sainte Communion est venue sceller cette promesse solenelle."

Premiere Communion de : Marie Nancy Eldy Augustin

Le 19 Octobre, 2008.


Eve remarked: Do you realize how spiritually wealthy those people are? Can you imagine how much hard earned savings, how much time, how much sowing, how much baking, how much planning and preparation has been invested by the whole family to make that day so very memorable for that little girl? Could you read the joy on her face as she shared her bread with us?

Obviously, without saying a word, she proclaimed loud and clear: “My first communion is my # 1 day! But I am not #1 – God – My parents and ‘you’ my friends and neighbors are all #1!!!

Could she have justifiably added: Because my society is #1?

People from an industrialized materialistic world sure think differently and love to boast!
But the society in which we live now is far too humble and Christ loving and Christ like to pretend to the kind of vanity Qoheleth warns us so much against! Vanity, vanity, all is but vanity! What do we gain by claiming to be #1?

Instead, that humble little innocent girl chose to state: Serving Christ and all those created in His image is my #1 commitment!

Indeed, with that spirit, that is the message that the little girl, Marie Nancy Eldy Augustin, proclaimed on the card she handed out with the bread she passed around the neighborhood today! She was not scared to knock at any door. She was not worried about having a door slammed in her face by some atheist. She was fearlessly, joyfully and peacefully sharing her joyful day

What true joy can material wealth bring us if and when we are spiritually bankrupt?

Which is worse? A World Financial Crisis? OR A World Spiritual Crisis?

How are we affected in this humble society by a world financial crisis?

Financial crisis has been such a part of our daily world for generations that in our society, we learn from the cradle to turn to the Spirit to meet our daily needs and suppress our daily wants. Thus we are inherently immune to any sort of financial crisis? We are not #1! We look up to #1 and we thank God, for teaching us to live independently from the world of finance.

I wish, I could put into words the sense of love and beauty that exuded from that simple little girl and the gift she shared with all her neighborhood today on her #1 day – It must have all been truly made in the humble image of God – It was so beautiful!!!

It is worth noting that Eldy’s grandfather is our neighbor who cannot read or write and stands waiting at the bank for someone to fill his deposit slip!!! Eldy is happy to live with her grandpa where money may be scarce but the love of Christ does not slip them by, ever!

I hope to get to share this wonderful world first hand with you some day because I love you all so much!!

I love it and so would you! Because the love of God is so very present all over this society, this world is very different from other societies we have experienced!
Here, we discovered that a society that is not constantly challenged to accumulate material possessions has time to cultivate much more important and fulfilling non material values. It takes time to count, nurture and share its blessings.

We believe that the heart of such a society best reflects God’s work of art.

Here we feel that a society is decidedly not #1 through what it has above others but rather through how it behaves towards others!

From here it is easier to render unto God all that is His and to the world whatever it may deserve.

Today, we did not deserve all the bread we got! But we are glad, through this public statement, to render unto this society the most honorable credit which is due to it.
Needless to say that the first call was followed by numerous others and today we wish you were all here to share so much bread.


By tonight we may well have twelve baskets left over…

Monday, September 15, 2008

Lehman Brothers & First American Corporation Relationship

158 year old Lehman brothers bites the dust with $60 billion in soured real estate holdings.

When will the 100 + year old First American Corporation follow suit?

The First American Corporation recently took a write down of $37.9 million on its Fannie Mae & Freddy Mac holdings.

With Lehman gone, who will McMahon (ex Lehman) now turn to, to promote the FAF dud?

Other than misplaced trust in each other, had FAF invested in Lehman stock in return for all the favors done to it thru McMahon’s good/bad offices?

Interesting times ahead for FAF…

Note that we have alerted the market thru our blog www.lleclezio.blogspot.com and our posts on the Yahoo/Finance/FAF message board about the unhealthy relationship between Lehman, First American and McMahon for months.

Yes… You heard it here first…

Tuesday, July 15, 2008

Financial Gurus Sell Out Of The First American Corporation – NYSE symbol: FAF

Marty Whitman, Charles Brandes, Mason Hawkins, Seth Klarman, Third Avenue Management (Marty), Arnold Schneider and Steve Mandel to name but a few, all sold out of The First American Corporation since the beginning of 2008!

Not surprisingly even Marty Whitman, one of the initial largest holders of FAF stock and one of its most loyal supporters through thick and thin over the past 12 years has finally bailed out, big time!

Smart Marty Whitman is a wise man!

Marty invested in FAF when FAF was still a fledgling in 1996. IMHO, Marty taught the FAF senior execs how to add value to the company and how to manipulate the company’s stock and increase its market cap!

Indeed I suspect that around 1996, Marty worked his way into some 900,000 shares in exchange for his staunch support.

I further believe that Marty was present at the company’s April 22, 1999 meeting when Kennedy guaranteed a dividend increase before year end. That guarantee that never materialized and other false statements blurted out by senior execs at that meeting sent the stock sky rocketing momentarily. Soon after, the stock imploded when actual earnings and true business conditions were revealed.

But, in 1999, Marty faced the outcry of his investors demanding that he dump FAF. Marty faithfully held on!

Now, Marty must be smelling the burning rag or he must have feel the water level getting neck high in that burning or sinking ship for him to jump.

Marty must be comforted not to be the only deserter. Even The First American, blue eyed boy, James J. Dufficy, the one who claims that First American has “no duty vis-à-vis the public to do the correct thing” has defected and has run for cover!

Monday, June 30, 2008

First American Corporation - Class Actions - Galore!

Numerous class action lawsuits in various States across the US have been filed this month against The First American Corporation – NYSE: FAF.

One of the latest suits was filed by Grant & Eisenhofer, P.A., ) in the United States District Court for the Southern District of New York, on behalf of shareholders who purchased the common stock of the Company between April 26, 2006 and November 6, 2007, inclusive ("Class Period").

The Complaint alleges that, during the Class Period, First American and certain of the Company's officers and directors engaged in an illegal scheme. During the Class Period, in quarterly earnings reports, the Company's management reported increased earnings and reassured investors that internal controls were adequate.
The Complaint further claims that First American overstated its gross profit margins and net income during the Class Period and that throughout the Class Period the defendants made false and misleading statements regarding the Company's internal controls and financial performance.
The defendants are First American, Parker S. Kennedy, the Company's Chief Executive Office and Chairman of the Board, and Fred F. McMahon, the Company's Vice Chairman and Chief Financial Officer. That case is captioned Berks County Employees' Retirement Fund v. First American Corporation.

This is nothing new! It is only one more example of a well established, long enduring systemic approach by senior executives of First American to deliberately deceive investors. How often has First American resorted to creative accounting to overstate figures, inflate stock value and defraud investors in the past? How often has Parker S. Kennedy pumped up the stock through outrageous false and misleading statements in the past?

As an example, a quick review of history reveals that at a shareholders’ meeting held in Santa Ana, California on April 22, 1999, Parker S. Kennedy conceded that the recently, Fed ordered, accounting change had affected the stock price negatively. (Note: After investigation, the Fed had concluded that First American had used creative accounting to overstate its earnings and thus inflate its stock price. As a result of its findings, The Fed forced First American to restate its earnings.)
Unfortunately, no class action suit was filed then!
In the absence of meaningful fines or suits, Parker S. Kennedy was emboldened to blurt out a most deceitful statement at that same meeting on April 22, 1999. Without any authorization from the board, Parker S. Kennedy guaranteed to investors that the corporation would increase its dividend before 1999 year end. Foreseeing an improved return on capital, investors sent the stock momentarily skyrocketing days after Kennedy made that unauthorized and most misleading statement! Sadly the ‘GUARANTEED’ dividend increase for year 1999 never materialized and the stock plummeted!

Unfortunately, once again, no class action was filed!

IMHO, the series of class actions being filed lately against First American and its senior execs are long overdue!

I wish well to all attorney firms who have filed class actions against The First American Corporation. I stand ready to voluntarily assist them with any critical info that I am privy to. I can be contacted at: leclezio@hotmail.com or a comment can be left on my blog: www.lleclezio.blogspot.com

Note: I have an irrefutable audio tape of numerous past statements made by Kennedy. IMHO those statements establish deep rooted intent concerning the deliberate manipulation of the First American stock price by Kennedy and his gang.

Furthermore, it is noteworthy that my book ‘First American Title To Injustice’ has been made an exhibit in The Massachusetts Federal Court. Many revealing statements can be found in my book.

IMHO, the key to understanding the First American overt deplorable modus operandi over the years rests in the statement made in a letter addressed to me by ex First American senior executive, James J. Dufficy: “The company has no duty vis-à-vis the public to do the correct thing”.
That says it all!

Wednesday, May 21, 2008

Louis Leclezio Jr. - Warren Buffet


Dear Dad,

Remember that success is not measured by the hardships a corporation like First American or its henchman, James Dufficy inflicted upon you.

Your resounding success is written in Mommy’s and your book of life according to what you have led your children & grand children to be in the eyes of the world and above all in the heart of God!

You should be most proud to see me in the company of the richest man in the world. He is confidently handing his wallet over to me!

I am proud of who Mommy & you have taught us to be. You have prepared us well enough to meet with the wealthiest man on earth. At the same time we know how to remain focused on the greatest wealth of all – The faith of our fathers and our heavenly eternal rewards!

From heaven, may Mommy continue to smile on us all on earth and may God continue to bless you and all yours abundantly my dearest dad!

James J. Dufficy

I picked up the following comment concerning James J. Dufficy aka Jim Dufficy on the net.
I consider it to be so pertinent that I could not resist publishing it!
"Louie – Remember – When the water level gets too high – Rats jump ship.

Jim Dufficy is a brilliant lawyer. He was privy to most of the horrendous legal issues confronting First American!

From his vantage position, Jim could best weigh all the legal issues plaguing those morons.

IMHO, Jim probably left because he feels that the First American market cap will soon drop below $500M.

Arrogant & greedy as he is, Jim is probably further convinced that under his leadership the market cap of Stewart could very well rise over $3.3 billion.

Filled with blinding ambition, Jim must have secured a significant stock option package from STC. That would explain Jim’s move from FAF to STC.

That’s loyalty for you!"

Wednesday, May 14, 2008

James J. Dufficy - First American Corporation - Stewart Title

James J. Dufficy leaves the First American Corporation, a NYSE trading company with a current market cap of $3.3 billion to join Stewart Title Guaranty Company. STG is a fully owned subsidiary of Stewart Title Company. STC’s market cap is presently less that $500 million!

IMHO, while The First American Corporation has grounds to rejoice, Stewart Title should have major cause for concern.

Mr. James J. Dufficy’s business philosophy is that ‘his’ company has no duty vis-à-vis the public to do the ‘correct’ thing.

Note that Mr. James J. Dufficy made that statement on a First American letterhead he addressed to me on March 24th 1998.

The Stewart Title board of directors and Stewart Title clients better be wary of this ‘new blood’ and his dubious policies pervading its ranks! Time will tell!

Wednesday, March 26, 2008

First American Corporation - Goldman Sachs - Reuters Report

NEW YORK (Reuters) –
“Goldman Sachs forecasts global credit losses stemming from the current market turmoil will reach $1.2 trillion, with Wall Street accounting for nearly 40 percent of the losses.
Of the cumulative losses expected by these leveraged players, bad residential home loans will represent about half…”

No thanks to The First American Corporation for allegedly triggering this financial meltdown according to a number of lawsuits filed.

The suits charge a First American subsidiary with fraud. They accuse The First American Corporation and its subsidiary of irresponsibly delivering inflated appraisals for business reasons of its own!!!

Incidentally, what is First American’s market cap?

Are chances in favor of it being wiped out when and if confirmed guilty?

What a Good Riddance!

Friday, March 21, 2008

The First American Corporation - Forbes Follow Through...

Link: http://www.forbes.com/free_forbes/2008/0407/032a.html?partner=yahoomag

Forbes – Scott Woolley: “Title insurance firms rake in $18 billion a year for a product that is outdated, largely unneeded and protected by law, we wrote. Now New York home buyers are leveling the same charges in an antitrust suit against the insurers, including First American (nyse: FAF) …”

Over the years, The First American Corporation figured that fines imposed against it in multiple States & lawsuits were just part of the cost of doing business in an environment that allowed First American to ruthlessly bleed the public.

However with ever increasing lawsuits alleging fraud, profiteering and racketeering against The First American Corporation, how much more will the First American Corporation be required to set aside in reserves in order to face the mounting multi million dollar claims piling up against it?

Can Attorney Generals from multiple States, the public and the lawyers be forever wrong?

Monday, March 17, 2008

First American Corporation makes Xinhua News

It is interesting that the First American Corporation should make news in Xinhua Province, China, http://news.xinhuanet.com/english/2007-11/02/content_6997622.htm Editor Gareth Dodd of Xinhuanet, www.chinaview.cn chose strong words to report on the fraudulent and scandalous behavior of First American Corporation that helped trigger the mortgage market international meltdown.

Is the Xinhua news attempting to warn the Chinese population about the high risk and low reward of doing business with First American?

Should Xinhuanet further investigate and expose First American? How long does it take for The First American Corporation to settle substantial claims on average? How much could an insured be forced to spend over the years in pursuit of justice? How often does First American win by default by driving legal costs out of the reach of the average claimant? Does that explain why The First American Corporation has only paid as little as 3% of its billion dollar revenues in claims?

Of further interest it is to be noted that AP Singapore reports that in a recent e-mail, Southeast Asia's largest bank instructed traders in an e-mail not to do business with Lehman Brothers. In a subsequent e-mail DBS Group Holdings Ltd. advised traders to review new transactions (with Lehman Brothers) case by case.

On a case by case basis, should officials from South East Asia’s largest bank be made aware that Frank McMahon was a past senior exec of Lehman before joining The First American Corporation and that Frank may well some day attempt to dump FAF (NYSE trading symbol for The First American Corporation) stock onto the Asian markets just as he did on European markets through Lehman London offices shortly before the stock imploded!

Thursday, March 13, 2008

Will The First American Corporation Split in time...

OR Will it be driven into bankruptcy beforehand?
Source: International Oxford Analytica 03.12.08, 6:00 AM ET
A Think tank group reported on NY’s Attorney General: “Cuomo's investigations … tend to target conflicts of interest whereby companies have allegedly exploited consumers … and reflect a more proactive approach to the subprime crisis.”
“Last November, Cuomo filed a lawsuit against mortgage lender First American (nyse: FAF - news - people ) for allegedly conspiring with Washington Mutual (nyse: WM - news - people ) to inflate its real estate appraisals.”
“Cuomo believed fraudulent real estate appraisals were a key factor in artificially inflating real estate values and contributed to the subprime crisis.”
Obviously this case, with international implications, has potential crippling financial consequences for FAF.

If Cuomo and his helpers who are pursuing this case aggressively prove to be right,
The First American Corporation could well face claims running into hundreds of millions of dollars from defrauded parties.
Because Cuomo's office lacks the resources to mount intensive investigations of subprime legal violations, much of the heavy lifting in multiple ongoing probes is now being done by the Securities and Exchange Commission, The U.S. attorney's offices in Manhattan and Brooklyn and the FBI. Cuomo and other state attorneys general--in Connecticut, Maine, Massachusetts and Ohio--are playing an unofficial watchdog role, informally overseeing the activities of federal officials.
If Cuomo prevails in time, First American may well be stopped from splitting and find itself driven into bankruptcy instead.

Note that in my personal case, The First American Corporation did not hesitate to engage into fraud and to accept an overly inflated appraisal from my crooked partner. Like in the WAMU case The First American Corporation did so, solely in the hope of future business! See Jerome Lasky’s opinion (Moses & Singer, NY.) as disclosed previously on www.lleclezio.blogspot.com

In the light of the above it would appear that fraud spanning many years is systemic at The First American Corporation. Hopefully, this time, James J. Dufficy will not succeed to corrupt his old work pals at the FBI and get them to squash the case!

In any event, those touting Jan ’09 calls at $50 are nothing but paid FAF shills wearing a variety of hats to best serve the corporation and further defraud the public. Their orchestrated punch and counter punch tactic is a well thought out psychological strategy. It emanates from a common boiler room and it is solely designed to influence buy and sell modes of the public in order to suit the corporation’s long term ambitions.

Oxford Analytica is an independent strategic-consulting firm drawing on a network of more than 1,000 scholar experts at Oxford and other leading universities and research institutions around the world.

Friday, February 08, 2008

First Advantage Corporation to present at Deutsche Bank.

Beware!!!

My previous post on February 6, 2008 on Yahoo and on my blog has attracted so much interest that some further comments are appropriate.

Press Release: Tuesday January 15, 7:30 am ET – Source: The First American Corporation - NYSE Trading symbol: FAF
The First American Corporation Announces Plan to Separate Its Financial Services and Information Solutions CompaniesCreates Two Pure Play Companies-

“…The Information Solutions company, which will consist primarily of the current Property Information and Mortgage Information segments, as well as First American's 75 percent interest !!! in First Advantage Corporation (Nasdaq: FADV - News), will remain at the existing holding company, which will be renamed prior to the separation.”

“…Parker S. Kennedy will become executive chairman of BOTH companies.”

What is so difficult to comprehend about that?

I have followed and watched these gangsters for over 12 years.

I know, I understand and I comprehend these slick scam artists better than most!

In fact I know them so well that I have written a book citing their wild blurts. The book has been made an important exhibit in a multi million dollar Federal Court case.

Furthermore I have taped and still possess a recording of Kennedy ‘GUARANTEEING’ a dividend increase that never materialized. The sole purpose of Kennedy’s false guarantee at the time was to give a much needed boost to the FAF stock price!

I understand their moves so well that I know that every time the most senior execs find themselves in deep shit, they use the shit to muddy the waters and create a much needed distraction.

Check out my recent post: ‘FAF splits – Interesting Timing’! You might also comprehend why FAF needs to split NOW!

Note that FAF presented at Lehman Bothers in London, UK on May 17, 2007.

Reminder: Review FAF’s historic prices over the period May 2007 to October 2007. A mere six months!

Yahoo link:

http://finance.yahoo.com/q/hp?s=FAF&a=04&b=11&c=2007&d=05&e=6&f=2007&g=d

Five months later:

http://finance.yahoo.com/q/hp?s=FAF&a=09&b=11&c=2007&d=09&e=31&f=2007&g=d

Do you think investors at Lehman were ripped off or not?

Try to comprehend how slick those boys are and how they cunningly manipulate the FAF stock price making it explode and implode at will like clock work!

Try to comprehend how important it is for these scam artists to arrive with an already rising stock price on presentation day. (Deutsce Bank – Naples, Florida - Wednesday, February 13, 2008, at 4:40 p.m. EST.) That is how those slick operators create the buying frenzy that follows the presentation.

Parker Kennedy, the executive chairman of BOTH ‘FAF’ and ‘FADV’ has played that trick over and over again!

Under the new FADV flag, Kennedy is setting the stage for an ‘encore’. Only this time, Kennedy is using Lamson as a puppet and FADV as a different $$$$ conduit! But it all boils down to yet another rip off, yet another abuse of investor confidence!

As the ‘FAF’ & ‘FADV’ senior execs are setting the stage for an encore, I wonder if the Deutsche Bank exec who decided to host this conference in Naples Florida got clearance from the Deutsche Bank highest hierarchy. They have been warned about these Yankee doodles and their dog and phony show in the past!

A company is only as good or as rotten as its head is!

Wednesday, February 06, 2008

Deutsche Bank - First Advantage Corporation - 'FADV' Nasdaq

The ‘FAF’ NYSE symbol has become so overly synonymous with frauds, rip offs and scandals in the US that the original flagship is seeking a new identity under a new flag: ‘FADV’ NASDAQ!

Do not be fooled! The same skippers at the helm will play the same tricks with this new ‘pure’ play company.

Indeed that white collar gang has become so notorious at home that they have to target investors abroad now!

Check out what happened to the FAF stock price after the Yankee doodles Kennedy & McMahon presented at Lehman Brothers in London in May 2007 and how the stock price imploded shortly thereafter!
http://finance.yahoo.com/q/hp?s=FAF&a=05&b=01&c=2007&d=09&e=31&f=2007&g=d

John Lamson will deliver a presentation at the Deutsche Bank 2008 Small and Mid Cap Growth Conference in Naples, Fla. on Wednesday, February 13, 2008, at 4:40 p.m. EST.
John is none other than the puppet on a string of parent company FAF & Kennedy & McMahon!

Will Deutsche Bank expose their investors to be the next victims of these white collar scam artists?

We do not have to hide behind anonymous handles. We have posted the same message on our blog at: www.lleclezio.blogspot.com so that there can be no doubt as to our identity.

Sunday, January 27, 2008

First American Corporation Splits - Interesting Timing

Copy of a message I posted on the Yahoo/Finance/FAF/Message board/012708

First American Corporation has dropped from a recent high of $ 55.11 to a recent low of $27.97.

A lawsuit with worldwide implications was filed recently by attorney general Cuomo of New York State alleging that a First American subsidiary committed major fraud with staggering financial consequences!

Two law firms with most impressive track records, Milberg Weiss and Keller Rorhback are investigating the First American Corporation for alleged fraud under ERISA laws. First American fiduciaries are believed to have intentionally mismanaged the First American employees’ retirement fund.

So what does the First American Corporation decide to do?

Spin off its 100 year old flagship! It decides to cast off its title operations, the very goose that laid its golden eggs for so long!

Retire its New York State president!

Interesting timing indeed to say the least!

Is such strategic timing in keeping with First American’s renowned ability to muddy the waters and complicate the outcome of legal filings?

How often has First American spun off incriminating business in the past?

How often has First American retired key personnel when faced with major lawsuits in the past?

Does the name of Bill Heslington ring a bell?

How often in the past has First American asserted that since a witness was no longer in their employ they could not be held bound to locate and to produce such a witness for depositions?

What a bunch of slick, slick, slick guys run this outfit!

A future close examination of past statements by Kennedy will reveal to what extent Kennedy places the emphasis on possible stock price manipulation as opposed to steering the company with integrity and letting the stock find its own level!

Should an injunction be sought against the First American Corporation restraining it from splitting the company until the courts have ruled over the cases filed against it?

Note that some of those cases have potential international implications.

Reminder: A subsidiary of the First American Corporation was accused of being at the root of and setting off the present international financial turmoil!

Wednesday, January 02, 2008

First American Corporation

Copy of message posted on Yahoo/Finance/FAF/ Message Board
On 12/21/07 Laurie Kulikowski, TheStreet.com Staff Reporter wrote:
Cuomo's suit alleged that executives at eAppraiseIT "knew their behavior was illegal, but intentionally broke the law to secure future business with WaMu."
WaMu said last month that it had suspended its business with the First American unit.
What’s new?
On June 2, 1998, Mr. Jerome Lasky of Moses & Singer, New York quoted a memo written by First American:
“An internal document of the title company, obtained through discovery shows that the title company, although fully aware of the risk they were assuming, decided to issue the policy to the lender in order to get this piece of business, and specifically with a view to obtaining future business”!!!
Can First American ever stop getting its nose bloodied being involved in one fraudulent scandal after another?
Can First American and its shill hiding behind multiple identities ever regain their credibility?