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All Things Financial Sector
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danthemason
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And let’s not forget the impetus for this fiasco came not from the streets or from Wall Street, but it came from congress. All the bit players fell into their rolls when the rules changed.
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Tan, a couple of years ago there were mortgage brokers on every corner. These were the people that were the largest piece of the fraud. :-x
They were merely the conduits to the FRAUDSTERS.
Look what happened when the BIGGIES got put under the spotlight, they stopped buying these bogus loans. Without THEM to take them immediately off the hands of the originators, OR enforcing standard strict underwriting requirements, the local yahoo’s would not have been able to ORIGINATE this trash trail paper fiasco mess.
Tan,
I had this exact conversation at lunch today. Should’ve busted them up at the get go. Letting them merge into bigger Frankensteins? How stupid was that. Mark’s right when he says that it was the biggest theft in U.S. history. Brought the system to it’s knees, cost millions of innocent Americans their jobs and life savings. I’m sure people lost their lives over this (lack of health care, suicide) and people want to feel sorry for these assholes? Gimme a break. People should have gone to jail for this. -
Senate Banking committee hearing on mortages today. .Gov wants to sort this out quickly.
http://c-span.org/Watch/Media/2010/12/01/HP/A/41332/Senate+Banking+Cmte+Hearing+on+Mortgages.aspx
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Black Swan Counter: 9 (Banks need money, Jobs needs a break, Geithner has no plan, Cuomo’s grandstanding, .Gov needs a hobby, GS works for money, flash crash, is that bubbling crude?).
For those who look, a flash allows one to see farther.
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Senate Banking committee hearing on mortages today. .Gov wants to sort this out quickly.
http://c-span.org/Watch/Media/2010/12/01/HP/A/41332/Senate+Banking+Cmte+Hearing+on+Mortgages.aspx
Translation:->“sort this out” = cover up the massive fraud and toss MORE taxpayer money at the banksters, thereby burdening the “Average Joe Family” in Peoria MORE taxes to allow the banksters to continue to get their massive bonuses for screwing up the entire WORLD.
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“Even in the worst of times, someone turns a profit. . ” —#162 Ferengi: Rules of Acquisition
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Tan, I hate the banks, probably not as much as you, but still. Laws were enacted to force these banks to accept these loans. If you can tell the politicians apart from the bankers then you are seeing much better than me. The joke of Congress actually passing a law that benefits the “average Joe” is ludicrous. No law is passed without an intent of securing a vote or paying off an ally. My god, we have more laws than we know what to do with. If we just enforced the ones we had it would be a huge step towards progress. The problem is that bankers and politicians are both a necessity to have commerce. Here is the scary part, with these RF ID micro chips in almost every CC in America, something terrible is going to happen that is going to cause another financial collapse. The banks have put these in there with the backing of the government for unscrupulous reasons.
Crap, I think I hear a helicopter hovering over my house. :bugeyed:
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Adversity does not just build character, it reveals it.
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Searchable database at WSJ for who took loans at the Fed discount window.
http://graphicsweb.wsj.com/php/Federal-Loan-Data-Disclosure.html?mod=e2tw
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Black Swan Counter: 9 (Banks need money, Jobs needs a break, Geithner has no plan, Cuomo’s grandstanding, .Gov needs a hobby, GS works for money, flash crash, is that bubbling crude?).
For those who look, a flash allows one to see farther.
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SEC, Banks Discuss CDO Settlements.
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Black Swan Counter: 9 (Banks need money, Jobs needs a break, Geithner has no plan, Cuomo’s grandstanding, .Gov needs a hobby, GS works for money, flash crash, is that bubbling crude?).
For those who look, a flash allows one to see farther.
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Searchable database at WSJ for who took loans at the Fed discount window.
http://graphicsweb.wsj.com/php/Federal-Loan-Data-Disclosure.html?mod=e2tw
US TAXPAYERS loaning OUR money to shore up the EURO.
No one charged, no one in jail.
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“Even in the worst of times, someone turns a profit. . ” —#162 Ferengi: Rules of Acquisition
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SEC, Banks Discuss CDO Settlements.
Pay a token fine, keep ALL the profits otherwise, no one charged no one goes to jail.
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“Even in the worst of times, someone turns a profit. . ” —#162 Ferengi: Rules of Acquisition
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Background on Bank of America’s Asian operations via Bloomberg, dated Dec. 1.
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Black Swan Counter: 9 (Banks need money, Jobs needs a break, Geithner has no plan, Cuomo’s grandstanding, .Gov needs a hobby, GS works for money, flash crash, is that bubbling crude?).
For those who look, a flash allows one to see farther.
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SEC, Banks Discuss CDO Settlements.
Pay a token fine, keep ALL the profits otherwise, no one charged no one goes to jail.
The banks are needed to backstop the municipalities, Bruce.
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Black Swan Counter: 9 (Banks need money, Jobs needs a break, Geithner has no plan, Cuomo’s grandstanding, .Gov needs a hobby, GS works for money, flash crash, is that bubbling crude?).
For those who look, a flash allows one to see farther.
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SEC, Banks Discuss CDO Settlements.
Pay a token fine, keep ALL the profits otherwise, no one charged no one goes to jail.
The banks are needed to backstop the municipalities, Bruce.
Of course BANKS are needed Eric.
Just not THOSE BANKS.
Oddly, we did just FINE here for 200 years without the DANGEROUS DOZEN being all important to survival of the nation itself…. how was that even possible??
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“Even in the worst of times, someone turns a profit. . ” —#162 Ferengi: Rules of Acquisition
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Were things any different when J P Morgan and Rockefeller were doing their damage in the 20’s?
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Adversity does not just build character, it reveals it.
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SEC, Banks Discuss CDO Settlements.
Pay a token fine, keep ALL the profits otherwise, no one charged no one goes to jail.
The banks are needed to backstop the municipalities, Bruce.
Of course BANKS are needed Eric.
Just not THOSE BANKS.
Oddly, we did just FINE here for 200 years without the DANGEROUS DOZEN being all important to survival of the nation itself…. how was that even possible??
Bruce, when Lehman Brothers, our fifth largest I-bank collapsed, America immediately went into recession as our economy was kneecapped. Our five largest C-banks are far larger than Lehman and the damage from one of them failing would be much worse. Even a loss of confidence in our banks economy viability can kneecap our economy.
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Black Swan Counter: 9 (Banks need money, Jobs needs a break, Geithner has no plan, Cuomo’s grandstanding, .Gov needs a hobby, GS works for money, flash crash, is that bubbling crude?).
For those who look, a flash allows one to see farther.
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Lehman Brothers was the sacrificial lamb. The problem began over a year earlier in Europe with a run on one of their largest banks. A deal had been forged to save LB, but the UK screwed us. I repeat, it was no accident.
I almost forgot, don’t even get me started in the “naked” short selling of LB. I do not have any issue with somebody buying or selling a “put”, but naked shorting is wrong in so many ways.
[ Edited: 02 December 2010 02:19 PM by mbeauch ]Signature
Adversity does not just build character, it reveals it.
