Thieves and Liars

We have known for some time that the best way to rob a bank is to own the bank. The extension that we are seeing now, is that the best way to rob a country is to own the country.

From William Black:

“They were able to get Congress to extort FASB, which is the Accounting Standards Board, to change the rules,”

“They said, you will change the rules, and you will change the rules such that banks no longer have to recognize their losses, or we will remove your authority over the accounting rules, which is the whole reason for existence for FASB, right? So, that’s extortion in anybody’s language.”

Regulatory Capture

and from Matt Taibbi:

“selling a car with faulty brakes and then buying an insurance policy on the buyer of those cars.”

“They made money selling the crap mortgages, and they made money by collecting on the bogus insurance from AIG when the crap mortgages flopped.”

“Any bankruptcy court that saw those collateral payments would have declined that transaction as a fraudulent conveyance,”

“You’re borrowing at zero, putting it out there at two or three percent, with hundreds of billions of dollars — man, you can make a lot of money that way,”

“You can lower interest rates all you want, but we’re still not fucking lending the bailout money to anyone in this economy.”

Ripoff Artists

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