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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Skeeter Bug who wrote (265306)	7/31/2010 11:41:16 AM
From: Giordano Bruno	Read Replies (1) of 306849

Evidently the Justice Dept. still doesn't understand the subtleties of the the municipal reinvestment market other than taxpayers being repeatedly fleeced. July 31, 2010 noir.bloomberg.com The charges are “without merit and in fact, a total fiction based on a lack of understanding of the municipal reinvestment market,” CDR said in a statement on its Web site. Haven't we heard that before? October 30, 2009 articles.latimes.com September 28, 2007 sec.gov “The whole investment process was rigged across the board,” said Charlie Anderson, who retired in 2007 as head of field operations for the Internal Revenue Service’s tax-exempt bond division. “It was so commonplace that people talked about it on the phones of their employers and ignored the fact that they were being recorded.” In a nutshell CDR is accused of giving local municipalities false information and then funneled insider info to banks. With the extra profits from these ill gotten gains the banks would then allegedly kickback the money to CDR. In some cases such as Jefferson County Alabama, the results were disastrous. Of course some of these municipalities it was more then getting false information, it was also alleged influence peddeling that allowed those deals to go forward. 46in08.blogspot.com Seems criminal. It's not.

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