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To: TobagoJack who wrote (71148)	2/21/2009 8:16:58 AM
From: Mark Bong	1 Recommendation Respond to of 74559

‘Bargain With Devil’ at Cerberus Bank I read this article a few days ago. I was stunned at how Cerbernus stuffed Aozora Bank Ltd. with toxic subprime loans from Cerberus’s own GMAC’s home mortgage lending division as well as other toxic crap which invluded investing bank depositor’s funds in Bernie Madoff's now defunct fund. By extension, the investors in Bernie’s fund were, in fact, subsidizing Cerbernus as Cerbernus took out their monthly interest from the Madoff investments to record as Aozora bank revenue to offset the bank’s losses on subprime loans as well as the phantom income revenue from GMAC’s option arm mortgages. As one of only 8 banks in Japan and only one of two owned by foreign entities, the details of this transaction expose the treachery of dealing with the major Wall Street firms and their hedge fund investment tentacles. They also expose the fact that the mantra “You must reduce regulation of Wall Street is just a ruse for “Give us a license to steal.” There will be major repercussions internationally for the corrupt Wall Street finance system over this and other transactions like it, and it will reverberate throughout the world as international financial entities move to permanently reduce or cut their ties to Wall Street. Although not mentioned in this article, by comparison, it is very interesting that many smaller US banks run by real bankers from the local communities are reasonably healthy because they did not participate in this orgy of greed and corruption. bloomberg.com "Madoff Loss Spawned in Cerberus Bank ... The lenders took on increased risks under foreign ownership. Aozora Bank Ltd.,