A Christmas Miracle – Or Not

December 5th, 2011 by alyx · all ur bankz, bartertown

Because figgy pudding just doesn’t taste the same when you have to eat it out of a can, on a street corner, while huddling around a garbage can full of burning newspapers for warmth, a moratorium on foreclosures has been announced until the end of the holidays:

Fannie Mae and Freddie Mac will not foreclose on any homeowners between December 19 and January 2, according to statements on their web sites. Private mortgage providers, such as JPMorgan Chase, Wells Fargo, and Bank of America, also said they plan to suspend their evictions during the holidays, according to CNNMoney.

They’re not pausing any of their legal proceedings – just the actual act of booting. Which we suppose will allow for at least a few homeowners to eke out a few additional plasma donations or hock a few additional possessions to keep the wolves at bay, though most are likely so far in arrears that the additional time won’t help very many people. (Currently, a record-high 4.29% of homes are with active mortgages are in foreclosure, or just over 1 in 25.) But, hey, at least when you go to Mom and Dad’s for Christmas you won’t have to show up on their front porch with a U-Haul. You can save that for the week after New Year’s.

If you click through the link, HuffPo has a slideshow of some of the more interesting foreclosure fails of the year, including Bank of America foreclosing on its own branch office, foreclosing on someone who made a payment too early, threatening to foreclose on a man over an unpaid bill for $0, etc. (Interestingly, most of the items in the slideshow are $BAC-related.)

→ 1 Comment

Credit Card Companies Resort To Name-Calling

December 4th, 2011 by alyx · all ur bankz, breaking news, fail

There’s an adage in marketing that you should surprise and delight your customers. I think this one qualifies as a “surprise” but not so much as a “delight”. NetSpend, a company in Austin, TX, shipped out a prepaid debit card offer to one “Asswipe Williams” in Sacramento, CA. Problem is, the dude is actually named James.

A seven-year-old in the household opened the envelope and uncovered the offending card, local news was alerted, and winning the award for journalistic failure, it seems Fox40 actually found it necessary to ask this guy if he planned to use the “Asswipe Williams” credit card. Unsurprisingly, he responded in the negative.

As to what really happened, your guess is as good as mine. I’ve heard urban legends of a person who was actually named “Asswipe” (pronounced “as-wee-pay”), but more likely than not I’d guess this is a prank. We are pretty sure where the card will end up, though:

Williams has also tried calling the company. He’s weighing his legal options and wants an explanation for the error he calls unprofessional and offensive.

“We’re a Christian family, you know? Church every Sunday. And for that baby to see something like that coming through the mail is not cool,” said Williams.

Won’t these marketing databases think of the children?

→ 8 Comments

Daily Derp: Congress’ Vegetative State

November 19th, 2011 by alyx · fail

om nom nom

From the “Pureeing While Rome Burns” department, we have one of those stories that looks like it came from Idiocracy, The Onion or at the very least one of those “where do you bury the survivors” trick questions – how much pureed fruit, likely infused with high-fructose corn syrup, does one have to put atop a piece of bread in order for it to constitute a vegetable? The answer is two tablespoons:

But let’s leave aside the horticultural definition and talk about how Congress failed the quiz. It chose 2 tablespoons, blocking sorely needed nutritional upgrades to the $11 billion federal school lunch programs. It did so because members’ brains (and quite possibly their bellies) are controlled by lobbyists.

Two tablespoons is about the amount of paste commonly found on the cardboard slices that pose as pizza in far too many school cafeterias. That amount will continue to qualify as a vegetable serving. Did I mention the frozen food lobby?

Now, on the upside, pizza day was my favorite as a kid. It was the only time I would ask my mom for lunch money in lieu of a packed lunch. So this is a probably a win for Junior’s taste buds, as much as it is for the frozen food industry. It also likely keeps costs down, given the percentage of students who receive subsidized lunch.

But I’d feel a little better if they’d come out and admit it. “We’re broke, so kids are going to get processed food and like it” is so much more honest than this kind of maneuvering, which absolutely smacks of giving us a little panem et circenses to blither about instead of actual issues. No one’s bleeding, it’s just a little tomato paste. Pay no attention to the fail behind the curtain.

(h/t Glossolalia Black for the image)

→ 5 Comments

$BAC and The Google+ Pages Free For All

November 15th, 2011 by alyx · all ur bankz, breaking news

Now that the shiny new social network Google+ is open to brand pages, there’s been something of a free-for-all during the time between when a page is built and when it is verified (and by “when”, I mean “if”, as $BAC has a verified page yet this one still stands). Which is, of course, bad news if someone has an axe to grind against you. Props to the tipster who send us the screenshot of the “Bank of America” Google+ faux page. We really dig the assortment of Ken Lewis pictures they selected for the navigation. Status updates include the location of parties in foreclosed homes and this personal favorite of mine: “Living under a tarp? I am too. My TARP is much bigger, however, and billions of dollars more expensive.”

Link, if it’s still up and running.

→ 1 Comment

Unemployed MFer

November 4th, 2011 by Jason · breaking news, fail, sovereign wealth

It's with my hair, wherever that went

MF Global CEO (and former Goldman Sachs CEO, and former New Jersey CEO) Jon Corzine resigned this morning, which is what you do when your company goes bankrupt. Oh, MF Global went bankrupt earlier this week. We hope you’re getting your breaking financial news from sites that update every day.

Anyway, MF Global found itself in financial hot water after investing a few billion dollars in European sovereign debt, which sounds like a good idea if you’re not the kind of person that keeps up with current events. And not even sweet debt like Germany’s, either. They were heavily (read: leveraged over 80:1) long Portuguese, Italian, Irish, and Spanish debt. You could argue they PIIS-ed their money away.

Except, here’s the thing, it wasn’t all their own money they were PIIS-ing away. You know how most firms have a thing where they don’t use customer money for in-house trading? I think that thing is called a “law” or something. Anyway, MF Global supposedly did not have that thing, and may have somehow managed to misplace a solid $600 million in customer money. So they’ve got that going for them. Also, the SEC is investigating some of MF Global’s traders for insider trading on the firm’s bonds just prior to its downgrade to junk status, but we feel like that’s just dogpiling at this point.

Apparently the whole “might have lost hundreds of millions of customer monies in a stupid gamble that was also illegal” business scared away everyone who might have bought MF Global, so it’s good to see there is still some sense left on Wall Street.

Also, it’s worth noting that Corzine was on everyone’s shortlist for Treasury Secretary as recently as August, so if that doesn’t make you want to hug Timmay, nothing will.

 

 

→ 3 Comments


  • Lijit Search