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re: Vietnamese billionaire, Truong My Lan, sentenced to death for $44bn (£35bn) fraud
Posted on 4/11/24 at 12:33 pm to wadewilson
Posted on 4/11/24 at 12:33 pm to wadewilson
quote:
This is what we shoulda done to the big bankers after the 2008 collapse.
I understand the sentiment, but our government basically forced them to issue subprime loans.
This post was edited on 4/11/24 at 12:34 pm
Posted on 4/11/24 at 2:24 pm to imjustafatkid
quote:
I understand the sentiment, but our government basically forced them to issue subprime loans.
No they didn't...they lobbied for the ability to do so and package them and resell them in what amounted to a legal pyramid scheme and our corrupt assed government said, sure, why not....and how do I get in on the ground floor. You could not hold a gun to a bankers head and force them to issue a sub prime loan...they'd simply refuse. They made BILLIONS individually making them and to hell with their investors and the damage done.
This was a common refrain at the time and originated with banking industry leaders who had been lobbying for reductions in restrictions on loan practices so they could do exactly what they did. No one forced them to do it, they forced the reduction in restrictions so they could individually make a fortune then whined about it to their minions and their minions, convinced that "sub-prime" and "sub -human" are more or less synonymous took up the mantle and its now an urban myth...never happened, what did happen is they begged for the ability to do so in order to enrich themselves and damn the damage....and it worked perfectly.
Posted on 4/11/24 at 2:28 pm to imjustafatkid
quote:
I understand the sentiment, but our government basically forced them to issue subprime loans.
More specifically, that fat frick democrat Barney Frank and the dumbass democrat Chris Dodd
This post was edited on 4/11/24 at 2:31 pm
Posted on 4/11/24 at 2:36 pm to imjustafatkid
quote:
I understand the sentiment, but our government basically forced them to issue subprime loans.
You know, I'm not opposed to seeing some governmental type cocksuckers marched to the guillotine either.
Posted on 4/12/24 at 8:51 am to imjustafatkid
quote:
Government basically forced them to issue sub prime loans
Let’s go ahead and get you straightened out on this idea. The gov did not force anyone to issue sub-prime loans. As a matter of fact, sub-prime lending was roundly frowned upon by Wall Street<———-Initially.
Then, a few years later, when the brokers realized they could put that shite on their books, make 6 points, then sell the sub-prime garbage by mixing that shite into loan pools with “A Paper” credits, THAT is when shite got out of hand. Once Wall St figured out a way to make money with limited risk off that crap, that’s when shite got weird.
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