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Nobody forced the banks to develop CDS’s and MBS’s and fraudently sell them around the world while boasting of ripping their customers’ faces off.

If the mortgages had merely gone bad, the banks could have taken their lumps. It was these new financial instruments that forced the bailout.

banks to develop CDS’s and MBS’s and fraudently sell them around the world while boasting of ripping their customers’ faces off.

Whoa neat! Hating those filthy exploiting capitalist pin-stripe boys is sooo much fun.

Hey everyone, it's time to sing our favorite Wobbly Songs!

Nobody forced the banks to develop CDS’s and MBS’s and fraudently sell them around the world while boasting of ripping their customers’ faces off.

I worked at the FDIC for five years. My section oversaw the thousands of mortgage loans acquired from closed banks. It was our primary job to get those loans cleaned up, and put back in the private sector, and by extension, replenish the Deposit Insurance Fund.

Our section did a pretty good job. In fact, we had two servicers voluntarily withdraw from their contracts, because we were too tough on them.

Whatever trust I had for bankers vanished during my time there. There were hundreds of good reasons for closing each and every one of the 500 banks we closed from 2008 to 2012. Our job was not to investigate fraud, it was to clean up the mess.

I've read The Big Short, and seen the movie a couple of times...it's now on Netflix. It did a great job of explaining sophisticated financial products such as CDO's. So good, that I hope Albert Ruddy applies the same literary genius in the coming miniseries on Atlas Shrugged.