Musk's Illegal Control of the US Government

[romad1]

3 minutes ago, Motown Bombers said:

I have terrible people skills. If you think Biden was bad at speeches and debate, I don't even know how to put together a campaign. We used to have a real nutter on city council in my district. if he can do it, I can do it. 

I won't argue with you even ironically that you have great people skills.  

But you do have a take on a lot of things and a voice worth hearing. 

Edited yesterday at 05:41 PM by romad1

[gehringer_2]

Politico reporting that Trump has told people Musk will be 'stepping back' wrt his DOGE activity. Hard to know if this is any more than PR engineered to reverse the slide in Tesla stock this morning after the news of their sales decline. It worked in that regard - for now.

https://www.politico.com/

[romad1]

Speaking of clowns. 

[romad1]

Ian Miles Schlong: "Elon: why does everyone hate me? Also Elon: you are a bootloader for Grok" — Bluesky

[Tigerbomb13]

39 minutes ago, romad1 said:

Speaking of clowns. 

Nice people 

[Motown Bombers]

1 hour ago, ewsieg said:

Sorry about the news MB.  What type of work do you do?  Also, while I think you also have Trump derangement syndrome, I would love to see more TDS in congress.

I had been coy about where I work since I didn't want to share too much personal stuff, but since that is coming to an end, I worked at Flagstar Bank for 13 years. I work in the risk and compliance area and basically did reporting for them primarily on customer feedback and insights. Identifying risk and compliance issues, efficiency opportunities, and just general customer support improvements. 

A couple years ago, Flagstar merged with New York Community Bank. NYCB was highly leveraged in commercial properties in Manhattan and multi-family housing in New York. COVID, which this merger was done during COVID, crashed the commercial market. New York's rent control crashed the multi-family housing. NYCB was a state-chartered bank and we were going to state chartered. The regulator for state-chartered banks, FDIC, didn't approve the merger because of how highly leveraged with bad assets NYCB was. Since Flagstar was federally chartered, they changed the merger agreement were NYCB merged with Flagstar and became federally chartered to get a different regulator, OCC, who approved this merger. This again is why we need regulation. If that wasn't bad enough, when Silicon Valley Bank went belly up, Signature Bank did to. Flagstar decided to buy that. The issue was it pushed Flagstar to over $100 billion in assets. That's a big deal because it makes it a category 4 bank and the CFPB requires a lot of reserve capital for big banks. Well, Flagstar didn't have it because it grew too fast too quickly. It then had to write down some billion dollar loses in New York real estate, so the company posted a surprise loss. The stock tanked quicker than Tesla. The CEO was essentially fired. Private equity bailed it out. It's basically right-wing equity firms. Steve Mnuchin is on the board and Joseph Otting, Trump's OCC his first term, is the CEO. They sold the mortgage servicing business and everything of value. They announced today they are also outsourcing the call center. They are basically preparing the company to be sold. I should have bailed a while ago, but I get a nice severance package. 

Didn't mean to go into a history of the company but it cathartic being able to tell the story on how this company ****ed up royally. Everything was going well before the merger, and it was a great place to work for. The funny thig is, despite being run by right-wingers, they still kept DEI.

[Motown Bombers]

1 hour ago, romad1 said:

I won't argue with you even ironically that you have great people skills.  

But you do have a take on a lot of things and a voice worth hearing. 

I do have hot takes. Don't get me started on leftists or Jared Goff. 

[Motown Bombers]

I'm reaching out to the Benson and McMorrow campaigns about job or volunteer opportunities. Maybe it would be better if I became part of a campaign and learned a little more. I haven't seen anyone declare for MI-10 yet. 

[oblong]

Sorry about the news MB.  

[gehringer_2]

31 minutes ago, Motown Bombers said:

I had been coy about where I work since I didn't want to share too much personal stuff, but since that is coming to an end, I worked at Flagstar Bank for 13 years. I work in the risk and compliance area and basically did reporting for them primarily on customer feedback and insights. Identifying risk and compliance issues, efficiency opportunities, and just general customer support improvements. 

A couple years ago, Flagstar merged with New York Community Bank. NYCB was highly leveraged in commercial properties in Manhattan and multi-family housing in New York. COVID, which this merger was done during COVID, crashed the commercial market. New York's rent control crashed the multi-family housing. NYCB was a state-chartered bank and we were going to state chartered. The regulator for state-chartered banks, FDIC, didn't approve the merger because of how highly leveraged with bad assets NYCB was. Since Flagstar was federally chartered, they changed the merger agreement were NYCB merged with Flagstar and became federally chartered to get a different regulator, OCC, who approved this merger. This again is why we need regulation. If that wasn't bad enough, when Silicon Valley Bank went belly up, Signature Bank did to. Flagstar decided to buy that. The issue was it pushed Flagstar to over $100 billion in assets. That's a big deal because it makes it a category 4 bank and the CFPB requires a lot of reserve capital for big banks. Well, Flagstar didn't have it because it grew too fast too quickly. It then had to write down some billion dollar loses in New York real estate, so the company posted a surprise loss. The stock tanked quicker than Tesla. The CEO was essentially fired. Private equity bailed it out. It's basically right-wing equity firms. Steve Mnuchin is on the board and Joseph Otting, Trump's OCC his first term, is the CEO. They sold the mortgage servicing business and everything of value. They announced today they are also outsourcing the call center. They are basically preparing the company to be sold. I should have bailed a while ago, but I get a nice severance package. 

Didn't mean to go into a history of the company but it cathartic being able to tell the story on how this company ****ed up royally. Everything was going well before the merger, and it was a great place to work for. The funny thig is, despite being run by right-wingers, they still kept DEI.

This kind of value destruction is so typical of American business and I'm persuaded it is at least as big a factor in the loss of US industrial competitiveness as wages. We've established an M&A regime which feeds the robber baron class and destroys everything else in it's path, and it's all so arcane that it completely escapes awareness in the political process or voter understanding.

And comically enough,  you've just explained why -  in it's fifth or 6th resale - I've lost track of how many times it's been re-placed since its origination - Flagstar had been servicing our mortgage and it ended up someplace called ValuePoint I've never heard of. At this point it's a stupid small amount but at 3.75% I'm not paying it off any earlier than I have to! 

Hope you find a better gig. I've been in the position of working for a dying company, it's definitely a drag.

 

Edited yesterday at 07:18 PM by gehringer_2

[Motown Bombers]

4 minutes ago, gehringer_2 said:

This kind of value destruction is so typical of American business and I'm persuaded it is at least as big a factor in the loss of US industrial competitiveness as wages. We've established an M&A regime which feeds the robber baron class and destroys everything else in it's path, and it's all so arcane that it completely escapes awareness in the political process or voter understanding.

And comically enough,  you've just explained why -  in it's fifth or 6th resale - I've lost track of how many times it's been re-placed since its origination - Flagstar had been servicing our mortgage and it ended up someplace called ValuePoint I've never heard of. At this point it's a stupid small amount but at 3.75% I'm not paying it off any earlier than I have to! 

Hope you find a better gig. I've been in the position of working for a dying company, it's definitely a drag.

 

The selling of servicing rights is common practice. If your loan was a conventional loan, it is really owned by Fannie Mae or Freddie Mac. ValuePoint, just services it. They receive a fee to do so, usually like a quarter of a percent and the rest goes to Fannie or Freddie. Batches of loans get sold all the time between lenders. Flagstar sells the loan to ValuePoint, and Flagstar then in turn uses those funds to lend to new customers. Flagstar was a large servicer which was unusually for a bank. Once we tied ourselves to a boat anchor in NYCB, the servicing business was the only thing of value that could be sold so Flagstar is completely out of the servicing business. You can still go into a branch and get a mortgage, but it will then be sold to a servicer. The CEO of legacy Flagstar was in his 70's and already living in Florida. He was the largest private shareholder of Flagstar so when the company originally merged, the stock soared, he got his windfall and went into retirement. Unfortunately for him, the new CEO wiped the stock out and he came back and forced the new CEO out and replaced him with right-wingers. It really is remarkable how quickly the company fell apart after the merger. It was only about a year. 

[Sports_Freak]

I read about Elon trying to defraud the Canadian government earlier but this is the best explanation. Tesla say they sold 8753 vehicles in one weekend, from only 4 dealerships. Just to hurry up to get rebates, which were ending. Musk is in VERY hot water if this is true. And many people are hoping it is true, we hope to see that clown penniless. Or at least sweating and doing another interview and wondering why people are being SO mean to him. He says he "never did anything to anybody." I say deport his ass....

 

[Tigerbomb13]

Sorry about that MB. I went through this last year and my company, and then they realized things were going to **** 6 weeks later and took me back. I am searching for something else. 
 

While we don’t always see eye to eye on progressives, you’re valuable to this forum. 

[gehringer_2]

Trump will likely threaten Canada with something out of proportionally crazy and save Elon's butt. But that still won't stop Canadians from refusing to buy any more Teslas.  It will be one more market lost.

China is the interesting one though. If they really wanted to help destabilize the US they'd be clearing the path for Tesla sales to continue in China, but thankfully, they seems to care more about their own self interest in BYD than making life any worse for us and so far Musk is not getting help there.

Edited yesterday at 08:04 PM by gehringer_2

[gehringer_2]

2 hours ago, gehringer_2 said:

Politico reporting that Trump has told people Musk will be 'stepping back' wrt his DOGE activity. Hard to know if this is any more than PR engineered to reverse the slide in Tesla stock this morning after the news of their sales decline. It worked in that regard - for now.

https://www.politico.com/

what I find comic is that Tesla stock has rebounded strongly on the news Musk might leave DOGE and get back to managing his own business. But my question is after the level of stupidity and mismanagement he's demonstrated at DOGE, why would anyone think having him spend more time back at Tesla would be a good thing for them? 🤔

Edited yesterday at 08:08 PM by gehringer_2

[CMRivdogs]

Just now, gehringer_2 said:

what I find comic is that Tesla stock has rebounded strongly on the news Musk might leave DOGE and get back to managing his own business. But my question is after the level of stupidity and mismanagement he's demonstrated at DOGE, why would anyone thing having him spend more time back at Tesla would be a good thing? 🤔

Not to mention how he decimated X. Why would anyone want to buy a new, let alone a used car from this moron

[Motown Bombers]

Musk's skill has always been manipulating the stock price of Tesla. Tesla has always been junk, but Musk constantly promised innovation that never happened. He keeps pumping the stock. The curtain may have been pulled back on the Wizard of Oz and people see who he really is now. 

[Motown Bombers]

The CEO and management here were touting Trump's de-regulation and took a swipe at Elizabeth Warren who called this merger out. You can see why we need more regulation and not less. None of this had to happen. 

"The Flagstar class action lawsuit alleges that the offering documents promoting the merger contained materially false and misleading statements, including overstating NYCB's income from operations, goodwill, and total assets, while understating expenses and losses."

[Motown Bombers]

I signed up for Run For Something. I scheduled a conference call for the 22nd. I'll see what they have to say. It says for progressives 40 and under. I just made the cut. 

[Motown Bombers]

The Center Line school board has 5 members. Last year, only 6 people ran. The one person who didn't win has an Arab sounding name so that's why she didn't win. I could possibly win by default and install the woke mind virus. 

[Motown Bombers]

 

[romad1]

10 hours ago, Motown Bombers said:

I signed up for Run For Something. I scheduled a conference call for the 22nd. I'll see what they have to say. It says for progressives 40 and under. I just made the cut. 

Glad to hear that. 

[Edman85]

11 hours ago, Motown Bombers said:

I signed up for Run For Something. I scheduled a conference call for the 22nd. I'll see what they have to say. It says for progressives 40 and under. I just made the cut. 

Friend of mine who has worked on some recent dem campaigns recently wrote a book with a how to for running for office. I haven't read, but saw him plugging it. Figured I would share.

 

https://www.amazon.com/Running-Office-101-Candidates-Getting/dp/B0DRDSW532?source=ps-sl-shoppingads-lpcontext&ref_=fplfs&psc=1&smid=ATVPDKIKX0DER

[chasfh]

23 hours ago, gehringer_2 said:

Tesla missed even pessimistic sales forecasts for Q1 by 30K. Their lowest sales rate since Q2 2022.

 

[chasfh]

19 hours ago, Motown Bombers said:

I had been coy about where I work since I didn't want to share too much personal stuff, but since that is coming to an end, I worked at Flagstar Bank for 13 years. I work in the risk and compliance area and basically did reporting for them primarily on customer feedback and insights. Identifying risk and compliance issues, efficiency opportunities, and just general customer support improvements. 

A couple years ago, Flagstar merged with New York Community Bank. NYCB was highly leveraged in commercial properties in Manhattan and multi-family housing in New York. COVID, which this merger was done during COVID, crashed the commercial market. New York's rent control crashed the multi-family housing. NYCB was a state-chartered bank and we were going to state chartered. The regulator for state-chartered banks, FDIC, didn't approve the merger because of how highly leveraged with bad assets NYCB was. Since Flagstar was federally chartered, they changed the merger agreement were NYCB merged with Flagstar and became federally chartered to get a different regulator, OCC, who approved this merger. This again is why we need regulation. If that wasn't bad enough, when Silicon Valley Bank went belly up, Signature Bank did to. Flagstar decided to buy that. The issue was it pushed Flagstar to over $100 billion in assets. That's a big deal because it makes it a category 4 bank and the CFPB requires a lot of reserve capital for big banks. Well, Flagstar didn't have it because it grew too fast too quickly. It then had to write down some billion dollar loses in New York real estate, so the company posted a surprise loss. The stock tanked quicker than Tesla. The CEO was essentially fired. Private equity bailed it out. It's basically right-wing equity firms. Steve Mnuchin is on the board and Joseph Otting, Trump's OCC his first term, is the CEO. They sold the mortgage servicing business and everything of value. They announced today they are also outsourcing the call center. They are basically preparing the company to be sold. I should have bailed a while ago, but I get a nice severance package. 

Didn't mean to go into a history of the company but it cathartic being able to tell the story on how this company ****ed up royally. Everything was going well before the merger, and it was a great place to work for. The funny thig is, despite being run by right-wingers, they still kept DEI.

Best of luck to you landing on your feet.