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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: SilentZ who wrote (350903)9/17/2007 10:59:27 PM
From: bentway  Read Replies (1) | Respond to of 1578933
 
"they are ultimately not personally accountable a few years later when the loans default. "

It's more bent than that. A lot of these guys would make the loan, then package a bunch of them in a "mortgage backed security" and sell them to someone else. After that, NO ONE is "responsible". The sucker that defaults on the loan OR the investor that bought the MBS that pays no dividends or appreciation. Many retirement funds hold MBS's, because they're "safe as houses"!



To: SilentZ who wrote (350903)9/18/2007 12:09:43 AM
From: tejek  Respond to of 1578933
 
No. The executives made a ton of money off of the loans, and they are ultimately not personally accountable a few years later when the loans default. They can take their tens of millions and run.

They are still accountable but they have chosen to take 'early retirement' and move to the Bahamas. I am sure Tim will think its what makes free markets great.


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