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For the "Frannie did it" dead enders



"And then I remembered that piece, and it hit me: Jeffrey Verschleiser is one of the biggest assholes in the entire world!"

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Senior Advisor

Re: For the "Frannie did it" dead enders

Not only was there a total break down in the rule of law, the government rewarded the perps.


Re: For the "Frannie did it" dead enders

"the government"....???


Which branch or department or agency?  Under which administration?


Do you realize how often you posit something that proves that government is bad and doesn't work when it is a scene from an adminstration run by the very people you would have put back in charge?



Bookmark or embed this SNIP and look at it before you respond to a mortgage fraud discussion again.  Here or anywhere else.  It would save you the embarassment fo exposing yourself as the last person in the U.S. who still believes what you do:



"Whenever any right-wing loon, or Bloombergite, tries to tell you the mortgage crisis was caused by the government forcing the poor banks to lend to broke black people, please direct them to this passage. The banks not only wanted to give out these loans, they wanted to give them out at the speed of light. They wanted to crank them out so fast that their own auditors literally couldn't read the writing on the loan applications. This was greed, not policy. Anybody who says anything else is high on something."




Full dollar to a donut that if the Holder Jstice Depatment started frog-marching Anglo banksters up Federal Courthouse steps on charges as described by Mr. Tiabbi you'd get so many emails alerts from your usual suppliers that you would never have time to read aything here.








Senior Advisor

Re: For the "Frannie did it" dead enders

snip-We all know what happened from there. Bear, Stearns went under, thanks in large part to insane schemes like Verschleiser’s, and all of us were forced to pick up at least part of the tab as the Fed spent billions subsidizing Bear’s emergency takeover by JP Morgan Chase.


Since this blog was posted, I've received a number of letters all asking the same question -- how could it be possible that what Verschleiser did is not illegal? How is he not in jail?

The answer is that if the allegations in the Ambac suit are true, it certainly would seem to be illegal. Most notably, the pocketing of putback money almost has to be a form of theft or embezzlement.

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A total government failure. First to bail out the banks and secondly failure to prosecute the fraud. And not a mention if, or if not, any of these bags of crap was gobbled up by freddie or fannie.

Veteran Advisor

Re: For the "Frannie did it" dead enders

what exactlly is an "anglo bankster"?


I think the Ron Paul crowd will welcome accountability and criminal charges against the crony capitalists.


If the Goldsteins and Silversteins include a few Johnsons and Smiths, I don't think anyone is going to riot.