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re: Vietnamese billionaire, Truong My Lan, sentenced to death for $44bn (£35bn) fraud
Posted on 4/11/24 at 2:24 pm to imjustafatkid
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.
1
Posted on 4/11/24 at 2:26 pm to saint tiger225
What sort of impact will this have on the Vietnamese economy?
Will the Treasury have to artificially inflate the Dong ?
Will the Treasury have to artificially inflate the Dong ?
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 2:28 pm to chalmetteowl
quote:
quote:
would not be against sentences like this for large white collar crime here.
But then they would have got Trump 3 times by now…
To paraphrase Balzac behind every great fortune lies a great crime. It is nearly impossible to find anyone with any wealth who is not a criminal by normal standards. Trump is one of many....crime does pay...it pays damned well...only honest people with little to no wealth buy into the lie that it doesn't. Look at history...crime pays and pays damned well.
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 4/11/24 at 2:38 pm to Bourre
quote:No.quote:More specifically, that fat frick democrat Barney Frank and the dumbass democrat Chris Dodd
I understand the sentiment, but our government basically forced them to issue subprime loans.
No. That's not what happened.
I see people repeating the myth that bankers were forced to issue subprime loans, but that's not what happened.
Posted on 4/11/24 at 2:40 pm to Salviati
No, but the government definitely encouraged shitty house loans.
Posted on 4/11/24 at 2:54 pm to saint tiger225
All 3 of those women look related. I couldn’t live in a country where everyone looks the same
Posted on 4/11/24 at 3:02 pm to saint tiger225
quote:
Vietnamese billionaire, Truong My Lan, sentenced to death for $44bn (£35bn) fraud
Will admit I wasn't expecting a woman, but I should know better as Asian woman can be some conniving broads. Not to be trusted.
quote:
Truong My Lan's husband and niece received jail terms of nine and 17 years respectively.
This is interesting as we would normally think the hubby would get a bigger penalty than the niece, but going back to my first statement, it's not surprising.
Asian men seem to be pretty immasculated by their women.
Posted on 4/11/24 at 3:33 pm to saint tiger225
as far as the niece... meh...
Posted on 4/11/24 at 3:38 pm to AwgustaDawg
quote:
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.
Wrong. The government basically forced banks to issue subprime loans.
Posted on 4/11/24 at 3:42 pm to AwgustaDawg
quote:
To paraphrase Balzac behind every great fortune lies a great crime. It is nearly impossible to find anyone with any wealth who is not a criminal by normal standards. Trump is one of many....crime does pay...it pays damned well...only honest people with little to no wealth buy into the lie that it doesn't. Look at history...crime pays and pays damned well.
This is so false it’s ridiculous. Your class envy is showing.
Posted on 4/11/24 at 4:11 pm to saint tiger225
44 Billion dong Beaucoup money
Posted on 4/11/24 at 4:36 pm to saint tiger225
35 billion euros is not $44 bil. It's $37 billion. Back in 2009 when 1 euro was worth $1.38 this would be closer to true, but the dollar has very much gained on the euro nearly being equal today where 1 euro is $1.07. Of course everyone here think America's going to shite, but it has gained over 30% value over the euro in last 15 years.
Posted on 4/11/24 at 4:40 pm to carhartt
quote:
According to prosecutors, over a period of three years from February 2019, she ordered her driver to withdraw 108 trillion Vietnamese dong, more than $4bn (£2.3bn) in cash from the bank, and store it in her basement.
That much cash, even if all of it was in Vietnam's largest denomination banknotes, would weigh two tonnes.
This part is insane! She had $4Bn stored in her basement. 2 tons of money?? That’s literally 2 shite tons of cash.
2.3 billion euros in 2019 to 2022 is equal to $2.47 billion... not $4 billion. Whoever is doing the math in these things sucks.
Posted on 4/11/24 at 5:26 pm to saint tiger225
quote:
Also, did you know Vietnam's currency is called dong?
Interesting story, but I would have been satisfied just knowing this.
Posted on 4/11/24 at 5:27 pm to saint tiger225
quote:
Vietnamese billionaire
She can truong my lan anytime
This post was edited on 4/11/24 at 5:35 pm
Posted on 4/11/24 at 5:33 pm to chRxis
quote:
as far as the niece... meh...
No dong fo yew!
Posted on 4/11/24 at 5:36 pm to saint tiger225
quote:
Truong My Lan
Sounds like a sex position
Posted on 4/11/24 at 5:39 pm to DoJeaux
quote:
DoJeaux
+1 for the name handle
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