Jesse's Café Américain
Financial Relativisim: Fraud by Any Other Name.... Let's speak plainly for once, Chairman Bernanke.The US financial system degenerated under the collateralized debt origination model in which super-compensated bankers and brokers used unreliable mathematical models to create complex and opaque packages of dubious quality debt which they sold to most of the major institutions in the world.Our words to be sure, but a paraphrase of Paul Volcker's testimony to Congress yesterday, as he deviated from his prepared text.'More simply put, it is a Ponzi scheme.Now that the game is collapsing, the bankers that gained enormous, fantastic wealth while it was running are now looking for their shareholders, the public, and in many cases their victims to bear the losses and repair the financial system and the banks themselves while they safely hold their personal gains.All up and down the line, from the loan originators to the bankers who created the bundles to the broker salespeople to the regulators and the Fed, everyone turned a 'blind eye' to the fraud as it occurred.The banks were central to the scheme from the inception as they spent years and many hundreds of millions of dollars to overturn Glass-Steagall to allow this coup de grace to be delivered to all holders of US dollars.Have they at long last no shame? Is there no segment of US society that they have not corrupted?
Let's speak plainly for once, Chairman Bernanke.The US financial system degenerated under the collateralized debt origination model in which super-compensated bankers and brokers used unreliable mathematical models to create complex and opaque packages of dubious quality debt which they sold to most of the major institutions in the world.Our words to be sure, but a paraphrase of Paul Volcker's testimony to Congress yesterday, as he deviated from his prepared text.'More simply put, it is a Ponzi scheme.Now that the game is collapsing, the bankers that gained enormous, fantastic wealth while it was running are now looking for their shareholders, the public, and in many cases their victims to bear the losses and repair the financial system and the banks themselves while they safely hold their personal gains.All up and down the line, from the loan originators to the bankers who created the bundles to the broker salespeople to the regulators and the Fed, everyone turned a 'blind eye' to the fraud as it occurred.The banks were central to the scheme from the inception as they spent years and many hundreds of millions of dollars to overturn Glass-Steagall to allow this coup de grace to be delivered to all holders of US dollars.Have they at long last no shame? Is there no segment of US society that they have not corrupted?
and quite the play it was, as chris put it Grand Heist IV, yeah...
how to loot the treasury of the richest country in the world, in 7 years 101
mission accomplished
deal with the blowback, someone, will you? ~"When an inner situation is not made conscious, it appears outside as fate." Karl Jung~
