Good article on mortgage fraud.
- Thread starter taodr
- Start date
That's a new viewpoint.
Kinda scary, actually.:eek:
Thanks for posting that.
Kinda scary, actually.:eek:
Thanks for posting that.
An intersting article...
Yes... the guy is a lawyer...
But there are many BIG logical problems with this guys analysis.
He identifies the "real problems" well...
But his "solutions" hinge on:
(1) "Foreigners" can quickly sue US banks and win.
(2) It's easy to prove fraud behind several layers of complex financial instruments.
(3) The failure of the US banking system would somehow be a "good thing" in the long run.
(4) The US government would allow the US banking system to fail.
All totally FALSE.
Even the SEC and NASD would be powerless to do anything about this...
And only someone like a State Attorney General...
Would touch this with a 10 foot pole...
And then only cherry pick the easiest case to win.
But it would be a VERY good thing if people went to jail...
So I guess that 0.001% of the crooks will do time...
You know... to set an example.
Yes... the guy is a lawyer...
But there are many BIG logical problems with this guys analysis.
He identifies the "real problems" well...
But his "solutions" hinge on:
(1) "Foreigners" can quickly sue US banks and win.
(2) It's easy to prove fraud behind several layers of complex financial instruments.
(3) The failure of the US banking system would somehow be a "good thing" in the long run.
(4) The US government would allow the US banking system to fail.
All totally FALSE.
Even the SEC and NASD would be powerless to do anything about this...
And only someone like a State Attorney General...
Would touch this with a 10 foot pole...
And then only cherry pick the easiest case to win.
But it would be a VERY good thing if people went to jail...
So I guess that 0.001% of the crooks will do time...
You know... to set an example.
This is kinda deja vu...
With New York Attorney General Andrew Cuomo leading the charge.
20 years ago...
New York Attorney General Rudi Giuliani...
Shut down the US junk bond market...
By taking on Drexel and Michael Milken.
http://en.wikipedia.org/wiki/Michael_Milken
So now we'll get another movie... "Wall Street II".
With New York Attorney General Andrew Cuomo leading the charge.
20 years ago...
New York Attorney General Rudi Giuliani...
Shut down the US junk bond market...
By taking on Drexel and Michael Milken.
http://en.wikipedia.org/wiki/Michael_Milken
So now we'll get another movie... "Wall Street II".
Actually it's people like the author of this article...
Who calls securities bundled with some percentage of sub-prime paper...
"toxic waste"
That have SHUT DOWN the market for this stuff.
So instead of people getting $0.80 on the dollar in a liquid market...
People are FORCED to take $0.20 on the dollar...
Probably from the same institutions that invented this stuff.
Real American ingenuity.
And this paper was not bought by Grandma...
It was bought by DB, ING, etc...
So let them take their lumps...
They should have known what they were doing.