Thieves and Liars
Take a bunch of iffy second mortgages. Slice ‘em, dice ‘em, get your pals to rate them AAA. Sell ‘em to suckers, and run away. Nice job if you can get it.
“If you apply a 90% haircut, the losses work out to about 25% for the “super seniors,” and about 90% for A-2 and A-3.”
“Goldman and Moody’s declined to discuss this security.”
“Oops, sorry about that”
Why aren’t these scum in jail yet ? Could it be something to do with campaign contributions ? Naaa, that cant be it…
