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She was questioning the regulators, I don'trecall any prior senators asking that bascially question, why no criminal charges against bank execxutives, they were either ignorant or complicit
And you never will, considering that they are ALL bought and paid for.
If they really cared, they wouldnt even need pressure. But let's all remember, it wasnt just banks that were at fault. If we are going to go after them, why not the politicians?
The fact of the matter is there are some that dont want to know the truth or facts about why we got into the mess in the first place. Its easy enough for some to just say "its Bush's fault" and be done with it. If you actually dive deeper and look at it all, plenty people on the left would fall and seen as the culprits as well. That is exactly why there has been no push be the media or others to find out the real cause.
The "real" cause?
The REAL cause was the absolute unmitigated greed of the lenders! Not Bush. Not Barney Frank. Not the Community Reinvestment Act of 1977. Not Satan. Human greed!
She pressed one of the regulators on his opinion relative to money laundering, he kept hedging stating "we leave that up to the justice department" as if he had no opinion, seems he was afraid to criticize the banks. Great question as to why no one is responsible, no criminal indictments at any banks, just fines.
She pressed one of the regulators on his opinion relative to money laundering, he kept hedging stating "we leave that up to the justice department" as if he had no opinion, seems he was afraid to criticize the banks. Great question as to why no one is responsible, no criminal indictments at any banks, just fines.
And you never will, considering that they are ALL bought and paid for.
It doesn't look like Warren was bought, in fact they went way out of the way to make sure she never headed the consumer credit protection bureau. Quite an improvement over her predecessor.
It doesn't look like Warren was bought, in fact they went way out of the way to make sure she never headed the consumer credit protection bureau. Quite an improvement over her predecessor.
yes she was/is bought
who was in charge of getting the banks the stimulas money....warren
she is one of the most crookedest newbie senators around
This is what the third or fourth thread about Warrne the "fighter" and how Warren is so tough bla bla bla. She's nothing but a lying pile of sheep dung. From claiming to be a squaw to flipping foreclosed homes. I guess lying gets you hero status among lefty loons.
and yet she has still failed to even mention, let alone go after, fannie/freddie the real culprits in the housing bust
Really?
The CDOs issued by investment bankers contained non coforming sub prime loans, that did not qualify for FNMA/FHLMC issuance. The mortgages that backed these instraments were not backed by FNMA/FHLMC. Not were they guaranteed by the U.S. Government. Instead, these private label CDOs were insured by AIG.
Nonetheless, the independent credit rating agencies assigned these securities a AAA rating. These investments offered a greater rate of return than other AAA graded investments and appealed to domestic and global institutional investors, banks, broker/dealers, pension funds, retirement funds. Eventually, FNMA/FHLMC, publicaly owned and traded, were pressured by their shareholders to invest in CDOs because of the ROI.
The controls established for FNMA and FHLMC did not allowt them to originate and guarantee such loans.
Subsequent, the independent rating agencies both claimed computer glitches caused them to assign the coveted AAA ratings to private label junk bonds.
While FNMA/FHLMC's investment position was long a substantial number of CDOs, the position was insignificant compared to overall outstanding CDOs.
A heck of a lot of investors failed to perform their own due dilligence and invested by grade and not the fundamental underlying risk of the investment. They were blinded by the opportunity to earn a substantially greater ROI than being offered by other AAA graded securities.
Last edited by middle-aged mom; 03-10-2013 at 01:43 PM..
They aren't the culprits but the housing debacle doesn't happen without them.
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