Did they? :eek:
http://market-ticker.org/akcs-www?post=169779
"The game was to move money under a scheme of deceit and fraud. First sell the bonds and collect the money into a pool. Second take your fees, third take whatâs left and get it committed into âloansâ (which were in actuality securities) sold to homeowners under the same false pretenses as the bonds were sold to investors. By controlling the flow of funds and documentation, the middlemen were able to sell, pledge and otherwise trade off the flow of receivables several times over â a necessary complexity not only for the profit it generated, but to make it far more difficult for anyone to track the footprints in the sand."
http://market-ticker.org/akcs-www?post=169779
"The game was to move money under a scheme of deceit and fraud. First sell the bonds and collect the money into a pool. Second take your fees, third take whatâs left and get it committed into âloansâ (which were in actuality securities) sold to homeowners under the same false pretenses as the bonds were sold to investors. By controlling the flow of funds and documentation, the middlemen were able to sell, pledge and otherwise trade off the flow of receivables several times over â a necessary complexity not only for the profit it generated, but to make it far more difficult for anyone to track the footprints in the sand."