Let’s watch another RAT coverup be buried because it might hurt the media’s golden boy, osama.
Not just Rubin. He was always portrayed as a ex-Goldman Sachs genius but he is just a petty crook. The whole Obama gang is. Emmanuel and Gorelnick at Fannie/Freddie. Penny Priztker looting her familiy’s bank and the list goes on.
“...Ponzi-style scheme...”
Citi does it and the feds call it criminal. The feds do it and they call it Social Security.
Rubin is always seen as the Golden Boy, but he and his cohort Sanford Weill got Clinton to sign the repeal of the Glass-Steagall Act. A few days later, Rubin resigns as Treasury Secretary and joins Citigroup to reap the benefits and to start the whole subprime/derivatives/securities fiasco.
The public needs to understand the truth about what caused this economic mess. Rubin and Clinton changed the rules at Fannie/Freddie giving birth to the caustic subprime loans. Democrats resisted all attempts to regulate and oversee Fannie/Freddie and all efforts to stop the coming trainwreck failed.
ping
Very important story....
BTTT
If so, that generally follows many of the problems found in derivatives contracts and it is an area where having an exchange with listed contracts could conceivably be of help.
Extending the definition a bit to include insurance products sold over the years, that's always been an interesting part of such businesses: how do you assess premiums that also take into account the failure of counterparties (for instance, the Lloyd's scandal had many elements of the same problem in the reinsurance business, where entities would routinely reinsure themselves, guaranteeing "counterparty" failure in the event of problems.)
The obvious problem with creating an exchange for contracts as general as a CDO is trying to standardize the contracts enough to allow an exchange to operate. Finding standard terms for listed American-style equity options was not nearly so difficult of a task.
bump