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Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US
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zephyr 
User ID: 2993
9/21/2007 1:10 PM
Report abusive post | Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US
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This is an except from a paid subscription that I maintain at www.goldenjackass.com and written by Jim Wiley.
◄ This is chilling! Kyle Bass of Hayman Capital in Texas has provided some clear indictments of Wall Street and their premeditated fraud. Some time a few years ago, he met a structured bond executive at a wedding in Spain. The bond pro (probably from London) described how the subprime mezzanine Collateralized Debt Obligation bonds were packaged at 10x to 20x leverage, only to contain the ‘BBB’ rated tranches of subprime debt. The bond pro explained that the ‘real money’ behind US insurance companies, pension funds, and other institutional money had stopped all purchase of mezzanine tranches of US subprime debt in late 2003. The bond pro actually admitted that they found a way to upgrade the debt securities, package them opaquely (obscurely in darkness), and EXPORT THE NEWLY PACKAGED RISK ASSET TO UNWITTING BUYERS IN ASIA AND CENTRAL EUROPE. The bond pro admitted with a straight face and no conscience that they targeted banks in Asia, the site of large trade surpluses, and other banks in Europe, whose accounts are derived from large petrodollar surpluses. They targeted vast pools of money, with full knowledge of the misrepresentation, operating under the motive to unload substandard bonds wherever they could. Big fees were at stake, so they had to find suckers. By hiding the subprime junk bonds in the mezzanine tranches, whereby the higher quality ‘AAA’ rated bonds are paid out first, the debt ratings agencies permitted the overall CDO to enjoy a triple ‘AAA’ rating undeservedly.
Bass summarizes, calling this the greatest Bait & Switch of all time. “This will go down as one of the biggest financial illusions the world has ever seen. Now that the underlying collateral has begun to be downgraded, it is only a matter of time before the ratings agencies downgrade the actual tranches of these various CDO structures. When they are downgraded, these foreign buyers will most likely have to sell them due to the fact that they are only permitted to own ‘super senior’ risk in the United States. I predict that these tranches of mezzanine CDOs will fetch bid of around 10 cents to the dollar. The ensuing HORROR SHOW will be worth the price of admission and some popcorn… The key reason the subprime problem exists as it does today has to do with the wanton disassociation of risk inherent in the machine that churns out subprime loans. Unlike the Savings & Loan crisis of the 1980s, the mortgage lenders of today are not taking their own balance sheet risk with underwriting loans.” These guys offloaded the risk from fatally flawed mortgages into falsely labeled bonds, were paid fees for volume of sales, and did not care, with no conscience as foreigners were targeted. They found willing buyers who routinely purchased any US$-based bonds rated ‘AAA’ without question. US institutional buyers had halted, so they targeted foreigners with fraud. The Wall Street firms did not want to be stuck with the flawed worthless mortgage bonds. The backlash has yet to be fully measured. My forecast is for a growing global boycott of US$-based bonds, climaxing with USTreasurys. Expect a parade of lawsuits in time. |
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Anonymous Coward
User ID: 293929
9/21/2007 1:15 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
And one wonders why Dubai/Qatar gonna buy 20% of Nasdaq. |
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Anonymous Coward
User ID: 2993 (OP)
9/21/2007 1:22 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
the backlash from this ought to be something of a nightmare I would assume. I mean put yourself in their position. You buy something you think is advertised correctly and you end up with a bunch of crap underneath the lid. 1)you dont buy from that vendor(so to speak) again and 2) you may consider a law suit depending upon your losses.........
it is outright fraud |
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Anonymous Coward
User ID: 296118
9/21/2007 1:26 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
Those who are responsible for this [in all justice] should be executed without fail. They are responsible for stealing and defrauding real people's lives by the thousands. This could not be rectified with 1000's of man hour life times of labor to makeup for such loss. |
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Anonymous Coward
User ID: 2993 (OP)
9/21/2007 1:35 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
and to pour alcohol in the wound the Fed has gone into a frenzied rate cut cycle that will send the dollar to historic new lows.......... |
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Dr Dre
User ID: 5755
9/21/2007 1:49 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
Very relevant article in msnbc money section. All about credit derivatives. [link to articles.moneycentral.msn.com] |
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zephyr
User ID: 2993
9/21/2007 1:52 PM
| | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
one more bit of writing from Jim Wiley at goldenjackass.com
What a fine mess the Wall Street bankers have produced, aided by an accommodative Greenspan Fed, lax standards, and a horrendous willingness to defraud. The efficient offload of credit risk once boasted by Greenspan has been unmasked as a well-organized, resourceful, and professional fraud which has rendered a banking crisis a shared global problem through exploited export of financial securities. Grouped with safe USTreasury Bonds were mislabled acidic asset-backed bonds in a piggyback ongoing sale. |
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Anonymous Coward
User ID: 246920
9/21/2007 2:07 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
BUMP.
can you post all of it ? |
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Anonymous Coward
User ID: 279669
9/21/2007 2:11 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
So can this be classed as Financial Terrorism? just a quick thought I have. |
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Anonymous Coward
User ID: 296118
9/21/2007 2:13 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
When you step back and consider the implications to trust and the current financial system by considering what must be achieved for full rectification of this system wide, there is not a jail big enough to hold all these criminals.
This issue crosses borders of nations around the globe in a system of implied trust used and betrayed for cheap dirty gain. The Great and Royal Regal Lion of Trust that is International Finance has defecated and urinated on his throne, the stench is horrible and no one dares to come forward to clean it up. Their true face in clear view. |
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Anonymous Coward
User ID: 279669
9/21/2007 2:21 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
The secrets are all coming to the top here |
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Femto
User ID: 301231
9/21/2007 2:22 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
The Great Global Credit Meltdown of 2007 - Brought to You Courtesy of the SEC . How Complacency, Failure to Regulate Credit Rating Firms Led to Subprime Credit Rout - SEC Ignored 2005 Warning.
In the wake of multi-billion dollar losses, shaken investor confidence and increased calls for regulation of global credit markets following the sale of falsely-rated mortgage bonds in the U.S., Europe and Asia, it is noteworthy that this most recent credit implosion could have been avoided, had the SEC acted on a request in 2005 by the Chairman of the Joint Economic Committee of the U.S. Congress for an investigation into the unregulated business practices of the international credit rating agencies
According to a recent article published by the Wall Street Journal, (Credit and Blame: How Rating Firms' Calls Fueled Subprime Mess, August 15, 2007), the subprime meltdown appears to have resulted primarily from the sale and subsequent default of "investment-grade" mortgage bonds carrying artificial triple-A ratings. These bonds were marketed to financial institutions including hedge funds in the United States, Europe and Asia, which were apparently induced into purchasing the bonds on the pretext of artificially high credit ratings assigned by Standard & Poor's, Moody's Investors Service and Fitch Ratings. The ratings assigned to the bonds, which concealed the true credit risk, were intended to make them more appealing (and thus more easily marketed) to institutional and retail investors. Far from representing a deception perpetrated on an unprecedented scale, this latest debacle represents only the most recent instance in a long and unenviable history of questionable practices by the credit rating firms, the true nature of which are only now becoming exposed.
Judging from reports in the media, it appears that not only did the credit raters intentionally hide the true risk of the mortgage bonds they rated in order to make them more marketable to investors around the globe, but this practice is habitually engaged in by these firms in order to boost the fees they charge to companies and governments seeking a rating in order to sell bonds. Such practices routinely leave investors holding the bag after sustaining huge losses from falsely-rated securities, as occurred in the Penn Central bankruptcy (1970), New York City financial crisis (1975), Washington State Public Power default (1983), Orange County debt crisis (1994), Asian financial meltdown (1997), Enron collapse (2001), and Worldcom bankruptcy (2002), to name a few such instances. Following this latest scandal, legislators in the U.S. as well as the European Commission have belatedly cast an unwelcome spotlight upon the business practices of the international credit rating firms with a view toward crafting a much needed regulatory framework with which to finally end such abusive practices.
Enforcement Failure: SEC Rejected 2005 Request by Congress to Investigate Allegations of Fraud by Rating Firms -- Policy of "Zero Accountability" Encouraged Market Abuses, Empowered Credit Ratings with Force of Law Free from Regulatory Oversight.
[link to www.klfy.com]
Love x |
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Anonymous Coward
User ID: 246920
9/21/2007 2:24 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
I FOUND THE ARTICLE:
[link to www.dealbreaker.com] |
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Femto
User ID: 301231
9/21/2007 2:27 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
Is it prime time for subprime lawsuits?
WASHINGTON - When something goes badly on Wall Street, people wind up in court.
The subprime mortgage mess is no exception.
A consortium of investors is going after the collapsed Bear Stearns hedge funds. Home buyers, shareholders and investment banks have filed suits against more than a dozen mortgage lenders. A working group at the Securities and Exchange Commission is examining accounting and disclosure questions, as well as stock sales earlier this year, by executives at companies that since have been ensnared by the subprime mess.
"We will look at those responsible for any potential fraud, by company management, auditors, lawyers, credit-rating agencies or others," said Walter Ricciardi, a deputy enforcement director at the SEC.
And this is just the beginning, say legal experts tracking the steady stream of lawsuits. It has only been a few months since the credit market turmoil began, when home buyers with risky credit histories - subprime borrowers - started defaulting on their loans in large numbers.
There is almost no end to the list of potential legal targets, analysts say, because so many players share a piece of the blame for the mortgage meltdown.
There are the home buyers who obtained risky loans, the mortgage lenders that made the loans and the Wall Street securities firms that repackaged the loans into tradable securities.
There are the credit agencies that assigned ratings to those hard-to-value securities, the hedge funds and institutional investors that bought those assets to get an extra boost in returns and the individuals who invested in those fund managers.
Nebraska authorities last week filed a lawsuit against Advantage Mortgage Services Inc. of Omaha, alleging predatory lending practices.
State officials said Advantage and its owners and operators used unfair and deceptive practices, and some customers now face losing their homes.
Earlier, the high-profile busts at Enron and WorldCom resulted in "a handful of focused litigation against a handful of very particular parties," said David Reiss, an associate professor at Brooklyn Law School. "The difference now is you have an immense amount of litigation against an incredible range of parties. . . . Everybody can point fingers at so many other people that you just don't know when it'll stop."
Securities lawyers are standing at the ready, with some firms creating special groups to focus exclusively on the mortgage mess.
"We kind of looked at the subprime mortgage industry from top to bottom . . . and saw that there would be litigation as well as securities-fraud issues as well as regulatory issues," said Rick Antonoff, a partner at Pillsbury Winthrop Shaw Pittman, who heads the firm's subprime industry group, which was established in March.
Among the group's clients are Wall Street banks that are suing subprime lenders to get them to repurchase loans that went bad shortly after they were sold. Antonoff expects the group to keep busy, most likely into 2009.
Credit agencies, which graded billions of dollars worth of mortgage-backed securities as safe investments throughout the recent housing boom, are also feeling the heat.
Members of Congress are calling for hearings and oversight, saying the rating agencies are conflicted because they are paid by investment banks that issue the securities the agencies rate. Institutional investors accuse the rating firms of being slow to downgrade securities.
"Essentially, the originators and credit raters shoved enough pigs and laying hens in with the beef herd that investors expecting prime ribs on their silver platter and money in their pocket ended up with pork ribs on their paper plate and egg on their face," Rep. Gary Ackerman, D-N.Y., said in an opening statement during a Financial Services Committee hearing last week.
Credit agencies have maintained that they fully disclose their relationships with the issuers they rate and that this arrangement does not compromise their work. They say they were warning of problems well before the subprime meltdown.
"Our rating criteria is publicly available, non-negotiable and consistently applied," said Frank Briamonte, a spokesman for McGraw-Hill, which owns Standard & Poor's rating agency. What is taking place now is "repricing of risk, not an upsurge in defaults, and it's the latter that our ratings speak to."
[link to www.omaha.com]
Love x |
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The Monk
User ID: 274840
9/21/2007 2:36 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
This is an except from a paid subscription that I maintain at www.goldenjackass.com and written by Jim Wiley.
◄ This is chilling! Kyle Bass of Hayman Capital in Texas has provided some clear indictments of Wall Street and their premeditated fraud. Some time a few years ago, he met a structured bond executive at a wedding in Spain. The bond pro (probably from London) described how the subprime mezzanine Collateralized Debt Obligation bonds were packaged at 10x to 20x leverage, only to contain the ‘BBB’ rated tranches of subprime debt. The bond pro explained that the ‘real money’ behind US insurance companies, pension funds, and other institutional money had stopped all purchase of mezzanine tranches of US subprime debt in late 2003. The bond pro actually admitted that they found a way to upgrade the debt securities, package them opaquely (obscurely in darkness), and EXPORT THE NEWLY PACKAGED RISK ASSET TO UNWITTING BUYERS IN ASIA AND CENTRAL EUROPE. The bond pro admitted with a straight face and no conscience that they targeted banks in Asia, the site of large trade surpluses, and other banks in Europe, whose accounts are derived from large petrodollar surpluses. They targeted vast pools of money, with full knowledge of the misrepresentation, operating under the motive to unload substandard bonds wherever they could. Big fees were at stake, so they had to find suckers. By hiding the subprime junk bonds in the mezzanine tranches, whereby the higher quality ‘AAA’ rated bonds are paid out first, the debt ratings agencies permitted the overall CDO to enjoy a triple ‘AAA’ rating undeservedly.
Bass summarizes, calling this the greatest Bait & Switch of all time. “This will go down as one of the biggest financial illusions the world has ever seen. Now that the underlying collateral has begun to be downgraded, it is only a matter of time before the ratings agencies downgrade the actual tranches of these various CDO structures. When they are downgraded, these foreign buyers will most likely have to sell them due to the fact that they are only permitted to own ‘super senior’ risk in the United States. I predict that these tranches of mezzanine CDOs will fetch bid of around 10 cents to the dollar. The ensuing HORROR SHOW will be worth the price of admission and some popcorn… The key reason the subprime problem exists as it does today has to do with the wanton disassociation of risk inherent in the machine that churns out subprime loans. Unlike the Savings & Loan crisis of the 1980s, the mortgage lenders of today are not taking their own balance sheet risk with underwriting loans.” These guys offloaded the risk from fatally flawed mortgages into falsely labeled bonds, were paid fees for volume of sales, and did not care, with no conscience as foreigners were targeted. They found willing buyers who routinely purchased any US$-based bonds rated ‘AAA’ without question. US institutional buyers had halted, so they targeted foreigners with fraud. The Wall Street firms did not want to be stuck with the flawed worthless mortgage bonds. The backlash has yet to be fully measured. My forecast is for a growing global boycott of US$-based bonds, climaxing with USTreasurys. Expect a parade of lawsuits in time. Quoting: zephyr
Duh... |
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Lester
User ID: 301084
9/21/2007 2:38 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
Well, at least one thing has been done "correctly" in this whole charade of "financial leadership"; we didn't supply our enemies with as much rope to hang us with as they thought they were getting.
Think about it.
Silent Weapons, Silent Wars... Bill Cooper wrote about this in Pale Horse.
At least we have not totally enhanced the financial clout of those who would sweep US under the rug of history. BRAVO.
Now, if only TPTB had not intended to gut-out the Nation; we might still have some industrial infrastructure to rebuild with.
Fiat money is total fraud.
Why is it a suprise that the game winds up at the end with everyone involved feeling like they were defrauded?
You can't get something for nothing
No Free Lunch!
Likely, our screwing the foreigners was just an oversight; after all they already have everything else; don't they? |
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Anonymous Coward
User ID: 301436
9/21/2007 2:40 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
Hmmmm, lets see the dollar is overvalued by about 30%, so they sell this smoke to foreigners, who then want to cash in their smoke open up the lid and poof. This game has been around along time. Only now we have to give them our worthless stock exchange, ports ect so they can divest in these silly ghost fart dollars, but I betcha the NYSE is not worth even 50% than what they are buying it for. I also bet they are just trading an interest in it for thier worthless ghost fart BBB's. As a matter of fact I bet they are really really pissed at daddy carlyse for selling them empty grain silos, I bet he is laughing his ass off, while the new ranch in paraguay it being constructed. Yeah when he gets there he can just give them all THE MOON, bwaaaahaaaaaaaahaaaaaaaaaaaaaaaaaaaaaaaa. |
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Anonymous Coward
User ID: 293171
9/21/2007 2:43 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
of course it was intentional. these guys knew the paper was going bad, and they wanted to offload it somewhere else.
Hank Paulson made a special trip to China to try and sucker them into buying a shitload of CDO debt but they didn't take the bait. |
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Anonymous Coward
User ID: 301357
9/21/2007 3:01 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
Hmmmm, lets see the dollar is overvalued by about 30%, so they sell this smoke to foreigners, who then want to cash in their smoke open up the lid and poof. This game has been around along time. Only now we have to give them our worthless stock exchange, ports ect so they can divest in these silly ghost fart dollars, but I betcha the NYSE is not worth even 50% than what they are buying it for. I also bet they are just trading an interest in it for thier worthless ghost fart BBB's. As a matter of fact I bet they are really really pissed at daddy carlyse for selling them empty grain silos, I bet he is laughing his ass off, while the new ranch in paraguay it being constructed. Yeah when he gets there he can just give them all THE MOON, bwaaaahaaaaaaaahaaaaaaaaaaaaaaaaaaaaaaaa. Quoting: Anonymous Coward 301436
Time for blood to flow....
and heads to roll...
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Anonymous Coward
User ID: 284299
9/21/2007 3:02 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
Didn't the evidence of prior SEC fraud go down with WTC 7? |
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Anonymous Coward
User ID: 301459
9/21/2007 3:32 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
typical jew swindle orchestrated in the jew-controlled united states, go figure |
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Anonymous Coward
User ID: 301459
9/21/2007 3:32 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
dumbasses, didn't they know who they were dealing with? yes, they damn well knew they were dealing with the JewNited states of america. wtf were they thinking, why would they trust the jews to rate their own bonds/securities/whatever they were thingies |
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Anonymous Coward
User ID: 284299
9/21/2007 3:55 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
I don't play the stock market (gamble). There is a reason for terms like BANKSTERS. This is their creation, and it's always been about fraud and theft. Are the Chinese not aware of that? Or any of the other dumbasses who have been ripped off? Shit, this how the game is played! These are international criminals, for godsake. How could anyone possibly be surprised by this? There is an amusing aspect in this in that it's said that con men are the most easily conned. That anyone in the financial world (matrix world of funny money) actually believes anyone else (bond rating companies) is amazing. Greed is predatory. HELLO.
It's tempting to think that some payback has been given the Chinese for being given our entire fucking economy on a silver platter. Sadly, it isn't so. It's the American people who lost, and the swindling crooks walk with the money, once again. Now, the American people will pay, once again. |
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Unkka Karbunkka
User ID: 299382
9/21/2007 4:22 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
This financial debacle in the US was designed to spread worldwide.
A classic problem-reaction-solution situation.
As the various currencies of the world all get dragged into worthlessness, a new worldwide currency will be unveiled. Not an Amero, not a Euro, but something completely different. 95% of Americans currently HAVE NO CLUE the extent of the dollar crisis, but when Wally World starts having empty shelves, only to be later filled with $8 bags of potato chips, the public cries for 'financial justice' will be deafening.
Enter the new 'revalued' currency.
Meet the new boss, same as the old boss.
This is my opinion, sorry no link. |
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Anonymous Coward
User ID: 284299
9/21/2007 4:34 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
This financial debacle in the US was designed to spread worldwide.
A classic problem-reaction-solution situation.
As the various currencies of the world all get dragged into worthlessness, a new worldwide currency will be unveiled. Not an Amero, not a Euro, but something completely different. 95% of Americans currently HAVE NO CLUE the extent of the dollar crisis, but when Wally World starts having empty shelves, only to be later filled with $8 bags of potato chips, the public cries for 'financial justice' will be deafening.
Enter the new 'revalued' currency.
Meet the new boss, same as the old boss.
This is my opinion, sorry no link. Quoting: Unkka Karbunkka 299382
The CHIP |
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Unkka Karbunkka
User ID: 299382
9/21/2007 4:56 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
This financial debacle in the US was designed to spread worldwide.
A classic problem-reaction-solution situation.
As the various currencies of the world all get dragged into worthlessness, a new worldwide currency will be unveiled. Not an Amero, not a Euro, but something completely different. 95% of Americans currently HAVE NO CLUE the extent of the dollar crisis, but when Wally World starts having empty shelves, only to be later filled with $8 bags of potato chips, the public cries for 'financial justice' will be deafening.
Enter the new 'revalued' currency.
Meet the new boss, same as the old boss.
This is my opinion, sorry no link.
The CHIP Quoting: Anonymous Coward 284299
Not too incomprehendable
Very plausible
Wango Tango we have a WINNER |
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Anonymous Coward
User ID: 284299
9/21/2007 5:23 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
better get good at barter |
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Mark In NYC
User ID: 295445
9/21/2007 5:26 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
Ya Know - he's got a point! It may well have been intentional. Look at the poisoned dog food, the clothes for kids that burn better than gasoline does, and a few other shitty exports from Asia in the name of "cheaper" which heaven knows is seldom better. And then the birth control policies in China - well that's a matter that can hardly be mentioned in public for fear of making those reading about it physically ill when they learn what is done to female children born into that country.
So maybe the foisting of subprime mortgages on them was simply giving back to them some of what they've been selling to use for far too many years!
I personally wish they'd gotten even more of them. That way it wouldn't be having such a negative impact on our economy now!!!
Life really is a banquet - and truly - most poor sucker are starving! Enjoy the ride baby. |
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Anonymous Coward
User ID: 301550
9/21/2007 7:23 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
the jews and money lenders have taken over the temple again, not to mention the rogue merchants, greedy short term gainers, we have made the chinese loose faced, and i am certain we will pay a very high long term price. why on earth did greenspan encourage this? all of these old men at the top in washington, with their old world views, should have been made to stand down, about twenty years ago, the world changed and now they are caught with their pants down, now we have the humpty dumpty effect! |
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bare sterns
User ID: 301587
9/21/2007 8:51 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
"The backlash has yet to be fully measured."
Uh-huh. Black Swans, coming home to roost... |
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von Doom
User ID: 165651
9/21/2007 9:21 PM | | Re: Bond Exec out of London says exporting slimy subprime mortgage assets to Asia was intentional by the US | Quote |
Virulent Economics |
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