To me, it now seems Enron was a political witch hunt - and those who caused tremendous damage to our nation (and continue to do so) are in bed with the politicians who led us into the abyss.
Posted on 05/18/2011 11:26:22 AM PDT by BuckeyeTexan
ALBANY, NY — New York Attorney General Eric Schneiderman is seeking records from three major Wall Street banks as part of a broad investigation into the mortgage crisis that fueled the recession, an official familiar with the issue said today.
Schneiderman is meeting with representatives of the Bank of America, Morgan Stanley and Goldman Sachs, according to the official, who spoke to The Associated Press on condition of anonymity. Those meetings are expected to focus on mortgage securities operations during the boom on Wall Street that ultimately cost banks billions of dollars.
The official said securitization of those mortgages would be an area Schneiderman will examine. Packaging mortgages into securities that investors could buy might have concealed risky loans, something critics on Wall Street said was at the center of the mortgage crisis.
(Excerpt) Read more at telegram.com ...
Banks?
Maybe the investigation will finally finger some of the lawmakers (and the usual race baiters) as the ultimate culprit.
What will they do then?
I am a full-charge bookkeeper who went to a one room school for elementary education. I have education for accounting thru night classes at a local Community College. All the accounting classes they offered & a 4.0 grade average.
The reason we had a ‘mortage crisis’ is because Jimmah Carter, Janet Reno, Bill Clinton, Henry Cisneros & other Liberals with NO business training pushed for “everybody to own a home”. Carter started the ball rolling with the CRA in 1977.
It lay dormant during Reagan & Bush Sr. It should have been cancelled during those years, but it obviously was not.
Loans were pushed on the banks for properties being sold which were called NINJA loans: No Income, No Job or Assets.
Warm & walking? Sign here...
Got a pulse & can write your name? Sign here......
You can fog a mirror? Sign here.......
People got loans who didn’t qualify to buy a t-shirt at a NASCAR race on payments.
These people came from low-income or NO imcome backgrounds & had never had any responsibility for home maintenance in their entire lives. They came from ‘the projects’ or from slum landlord situation.
IF they got a house, they didn’t know how to take care of it. Properties were destined to be foreclosed on—bad economy or not.
When an ILLEGAL Mexican seasonal strawberry-field worker is given a loan for a $650,000 house in Fresno, Calif, which he defaults on promptly......you know the whole idea is a failure.
NObama is now pushing to start up sub-prime loans again.
If my banker grandfather were still alive, I would expect that he would have closed his bank before he would have participated in such nonsense. Since he was the ONLY stockholder ofhis bank, he could do that.
Maybe if people start pointing fingers, people will start taking it seriously.
I am betting that they'll find lots of cronyism and a lot of guilty politicians.
Imagine what they would find in Soros’s command center.
Lets hope that this comes out. We Americans are fair and will help someone when they are down but we are not stupid.
Something smells. We are owed a public airing of the whole mess.
To me, it now seems Enron was a political witch hunt - and those who caused tremendous damage to our nation (and continue to do so) are in bed with the politicians who led us into the abyss.
I think this is a “cover” investigation.
have an official slap on the wrist with no wrongdoing found so that the banks can point to it in forclosure cases.
politicians with power were stockholders and could not raid taxpayers for money.
with the banks, the politicians have a prindting press.
Many of the same Liberals who pushed for lower standards for mortgages as part of federal government initiatives and policies supposedly for “affordable housing” were among the biggest recipients of campaign contributions from the banks that benefited in the securitization of the mortgages.
Now they turn on those in the financial industry who they encouraged and depended on to find a way to fund the toxic “affordable housing” mess their policies were brewing.
The only justice will come when the people indict all the Liberals along with their bankers.
I read this Newsweek article when it was published in 2008. Sure, it’s Newsweek. So it’s suspect, but it gets the basics correct about how credit default swaps were dreamed up by JP Morgan execs to free up capital that would have been otherwise unavailable to them.
http://www.newsweek.com/2008/09/26/the-monster-that-ate-wall-street.html
Could be.
Where is the press in all of this. Sure seems like the story of the century.
Maybe they, the crooks, politicians, banks, insurance companies, all are hoping that we are too stupid or don’t care.
You can’t cry foul and then not prove it. Correction: you can if you are a politician.
We'll get it.......after the statute of limitations expires.
“Maybe if people start pointing fingers, people will start taking it seriously.”
There are good and bad ways to be serious. This won’t get to the bottom of the ‘08 meltdown any more than congressional hearings on evil “speculators” helps explain rising gas prices.
“Where is the press in all of this...Maybe they, the crooks, politicians, banks, insurance companies, all are hoping that we are too stupid or don’t care.”
You’ve almost got it. It’s also that “they” (crooks, politicians, banks, insurance companies) are themselves stupid and don’t care. The press, too, is stupid, as we all know.
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