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Whether the rubes were wise to enter into the pyramid scheme or not is beside the point. By originating, purchasing, re-packaging and marketing mortgages that they knew or should have known were fraudulent, the mortgage dealers aided and abetted a pyramid scam. Either knowingly or through gross and wilful negligence in their obligation to carry out due diligence.

The deal between banks and the rest of society is that the banks are permitted to operate as clearing houses under sovereign guarantees in exchange for exercising due diligence. When they so signally abscond from their end of the deal - particularly when their antics end up creating an extremely costly money market panic - they should be told to take a hike.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue Aug 24th, 2010 at 05:59:03 PM EST
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