Ed Driscoll

All You Need is Cash

Sooner or later, life invariably imitates Monty Python, or in this case, Eric Idle’s 1978 NBC special featuring his satiric “prefab four” rock group, the Rutles:

In the midst of this public and legal wrangling Let It Rot was released as a film, an album, and a lawsuit. It showed the Rutles as never before; tired, unhappy, cross, and just like the rest of the world.

In December 1970 Dirk sued Stig and Nasty, Barry sued Dirk, Nasty sued Stig and Barry, and Stig sued himself accidentally.

But then, the legal machinations of the Beatles, not to mention the Rutles, had nothing on today’s ongoing corporatist mortgage meltdown:

Wells Fargo wanted to foreclose on a condo unit which had multiple mortgages attached to it. Wells Fargo also owned one of those second mortgages. So Wells Fargo spent money to hire a law firm and file suit against the irresponsible lenders at Wells Fargo. Then, Wells Fargo spent money to hire a different law firm in an understandable effort to defend Wells Fargo from the vicious legal attack coming from Wells Fargo. The second law firm even prepared a legal statement for Wells Fargo which called into question the dubious claims being made by Wells Fargo. Sadly, Wells Fargo won the case, crushing the hopes of Wells Fargo.

As business reporter Al Lewis wrote at the time, “You can’t expect a bank that is dumb enough to sue itself to know why it is suing itself.” So goes the unprecedented wave of foreclosures that has swept across the country since the housing bubble popped. Mortgages have been bought, sold, and repackaged so many times through such an opaque process that banks have no idea who owns what. When they foreclose, they simply guess, making up the documents and information necessary to do so.

Cracked.com lists “5 Reasons The Future Will Be Ruled By B.S.” — clearly, the future is now.

(H/T: SDA)