Geitner is in charge? He's in bed with these scabs. Geitner's head should be rolling. Prior to 9/11 - that's 2001 people, the FBI, the freakin' FBI, warned the financial sectors that unverified loans were a growing scam operation netting CEO's millions in bonuses and application fees. Bush reassigned the FBI squad looking into this financial fraud to terrorism and never restaffed the division. Oh oopss - sorry no oversight - don't mind us while we look the other way - thanks for the campaign donation. The term "Liar Loans" is the financial sectors tongue and check insider term for NOT DOING THEIR JOB.
The CEO's of the financial sector live in the moral waste land of fraud devoid of ethics, accountability or penalty. Our financial whiz kids all still have their jobs and billions of our tax dollars. They pushed for deregulation under the paper work burden argument and the second they got free - they shirked their responsibilities and ripped everyone off - blind.
The high and mighty deregulated, free marketers, bible thumping, wrapped in the American Flag, saber rattling in one hand offering us liar loans and false 4 star ratings in the other. These are the powerful people, the status quo running the show. They do a huge injustice to the real people trying to live a moral, honest life, defrauding them out of their vote and co opting their symbols to get and stay in power. Treason is a word that comes to mind, as well as scam artists and that word FRAUD again.
Can you believe we are actually going to need laws that direct, mandate, order, implore and beg our money lenders to do credit and background checks on their applicants? Would you run a legitimate money lending operation without checking your applicants fitness to pay you back? I didn't think so.
But these CEO's - scam artists, con men, crooks in ties and collars - the CEO's and CFO's knew they were liar loans. They knew they were toxic, and they perpetrated a fraud by wrapping them in 4 star ratings. They got rid of them as fast as they could to unsuspecting investors who rely on those rating systems. Nice scam. Who's going to jail - no one, really...fraud is illegal people and for a good reason - like the one we are living through now!
They took the application fees into the companies, collected the bonuses, put their man in charge to govern the fix (Paulsson and Geitner), left the tax payers holding the bag, and patted themselves on the back for being so clever and corrupt. Full proof and scott free.
Yep the free markets work just fine without oversight - nothing to see here people, move along, move along - go watch American Idol or read People Magazine - hey did you here Madonna got turned down for adoption?
Whatever you do don't read the attached article in the link above and below or call your congressman to express your outrage...or demand hearings. I hear there's free ring tones for your phone...and new apps on facebook...tra,la,la...
Liar Loansthat's their insider term for it...not mine.
Shinning city on the hill, country first, it makes me want to puke for those who fall for the sloganeering and the chiselers who perpetrate it!
Bill Moyers - Journal