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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: NOW who wrote (80163)6/19/2008 2:50:42 AM
From: Madharry  Read Replies (1) of 116555
 
OMG dont think that what COuntrywide did was anything particularly unusual. I worked for a money center bank years ago and we lent unsecured funds to politicians and to their campaigns as well. No lending officer in his right mind would make this type of loan on his own. On top of that the bank senior management took a very active role in inducing its employees to donate generously to its PAC funds. So active that it made me wonder whether bonus money was correlated to donations to the pac. What is more alarming to me is the way that Countrywide was able to take those mortgages tens of billions of them and borrow against them with the fed home loan bank. I sent an email to Barney Frank about this and never got a response. Our tax dollars at work.
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