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Politics : President Barack Obama
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To: Bread Upon The Water who wrote (34098)9/21/2008 11:32:27 PM
From: sylvester80  Read Replies (1) of 149317
 
The purpose was for wall street investment banks to earn huge fees selling them as top rated AAA instruments. Yet inside of them were full of subprime/alt-a/no doc/100% financing/neg amortization toxic mortgages. In order for the investment banks to even have CDOs to sell (and in turn earn their huge fees) they first had to compete with commercial banks and mortgage originators for the mortgage business. And so they gave double the bonus over other fixed 15-30 year standard doc mortgages in order to get the business and create the CDOs so that they can sell and get their huge fees. But the whole reason for this was because they had rated these junk instruments as AAA rated so they had unsuspected buyers lined up as far as the eye can see. And so they kept pushing for more and more toxic mortgages with higher bonuses to loan officers. Of course none of this would have happened had the credit rating houses had not colluded with the investment banks to rate these junk CDOs as AAA rated in order for them to get more business from the investment banks for themselves. You rub me and I'll run you back. Which is why I say that the CEOs of credit rating houses and wall street investment banks all of them belong in jail. They are all greedy traitors to this country. And of course then you also have to ask, where in the hell were the regulators all these 7 years while this orgy was taking place? Well, the Bush administration first of all had cut back dramatically the number of regulators and secondly had replaced people with wall street friendly thugs. All in all what it amounts to is that the Republicans are the biggest American traitors. And the fact that hardly any of these people are in jail speaks volume about how corrupt the Republican party has become.
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