That piece is incredibly depressing because I know that nothing will change.

What did we get from this 60 Minutes piece? The Price Of Oil (new window)

Nothing. We get raped every day. Just buy more lube. It will take something much more drastic than OWS and 60 minutes to clean up this goddamn mess we find ourselves in. We need a modern day TR to ride in and kick some ass. I'm not holding my breath on that one.

"The fark you gonna do about it, huh? The whole thing was less than my landscaping bill. Plus, I got to write off the fine from my taxes. DOJ is in my pocket, I paid for their houses. fark all'a you."

Rain-Monkey: "The fark you gonna do about it, huh? The whole thing was less than my landscaping bill. Plus, I got to write off the fine from my taxes. DOJ is in my pocket, I paid for their houses. fark all'a you."

I saw Tangelo in town for the Newport Folk Festival in 2009. I wanted to smash his face in. We have plenty of corporate raiders that live here. They make their money pillaging companies and firing thousands of workers. I'm fine with that. That's legal. That's straight up capitalism. Tangelo is just a f*cking crook.

I remember posting a lot of threads about the BAC takeover of Countrywide and saying "They just bought the largest lawsuit in the world." It was obvious to anyone with a brain what Countrywide was up to. They just wanted to book as many loans as they could to generate revenue off the fees and package them for resale.

I'm glad some pinhead at BAC thought it was such a bargain to acquire them. Good luck with that. You deserve it. Sucks for the thousands of employees you have to fire though.

Here's the smoking gun where Countrywide cooked the loan applications to secure funding for people who would have been denied.

So to all you morans out there blaming the borrowers and defending the banks, go fark yourselves.

You know what's corrupt? Having a video about corruption start with a 30 second ad, followed by a 30 second teaser intro, followed by yet another 30 second ad. *click*.. So sick of internet commercials.

I hope soon that they will go after those assholes.

If there is anything that will destroy an economy it is lack of consumer confidence. Fraud is serious and hurts everyone.

Abox: Are anybody's problems caused by their own decisions? Just curious.

Let me guess, you blame the borrowers only, right? Of course they bear some blame but if the company was conducting themselves by their own financial controls they never would have been offered the f*cking loans.

The whole point of this is that the majority of loans that went sour should never have been offered, would NEVER have been offered if widespread fraud was not business as usual.

NO DOC loans? NINJA loans? Come on. Do not even start with the personal responsibility bullsh*t when these companies lost sight of their fiduciary duties to the shareholder and the taxpayer, because they sold a lot of this stuff to entities backed by you and me.

Yes, people should not have signed for loans they could not have afforded if house values fell. You tell me, how many real estate agents and mortgage brokers warned them of the possibility of home prices falling. Or, did they repeat the line "Housing will always go up. Sign now and welcome to the wonderful world of home ownership!"

Personal responsibility has a place, but not on this issue when it was as massive a clusterf*ck as this.

NewportBarGuy: Do not even start with the personal responsibility bullsh*t when these companies lost sight of their fiduciary duties to the shareholder and the taxpayer, because they sold a lot of this stuff to entities backed by you and me.

THIS.

The apologists claim that Joe Broke shouldn't have borrowed the money but it's the BANK'S fault for even letting them get to the point to sign paperwork. The loans paperwork should have never started. That's what a loan officer's job was -- to protect the depositors' assets.

But no -- the banks were incentivized to write loans to anyone with a pulse because the toxic loans were like repackaged tainted meat sold as fresh and safe -- and they KNEW IT.

SarbOx penalty of 5 years? Why does a homeless guy get 15 years for shoplifting but a CEO only get 5 for raping the economy for generations?

Lunchlady: I put it like this. Let's assume for ease that 1 million people started their primary mortgage with Countrywide. And again for ease let's assume 250,000 of them couldn't afford it. Even in that situation there was 250,000 people who took out bad loans, and only one firm that gave them out. I'm gonna go out on a limb here and say that at some point that 1 firm probably could have figured something was wrong, even by accident. And that's giving them a lot of good faith which God knows they don't deserve.

How about this. How about Tangelo knew exactly what was going on and sent emails left and right about it, just about the time he started his "timed" selling of shares in the company.

April 17th 2006
Loans had been originated ... "through our channels with disregard for process [and] compliance with guidelines."

...

He "personally observed a serious lack of compliance within our origination system as it relates to documentation and generally a deterioration in the quality of loans originated versus the pricing of those loan [sic]."

...

"n my conversations with Sambol he calls the 100% sub prime seconds as the 'milk' of the business. Frankly, I consider that product line to be the poison of ours."


Source (new window)

There's tons more out there. We were pretty active in the business tab on this like 3 years ago. Until this 60 minutes piece, I had just forgotten about it. That means that if he knew there were serious deficiencies, he committed a crime when he signed the financial reports. So, he paid a fine and walked away.

The SEC and DOJ are too weak to go after these people because the cases are very hard to try. You have to have intent and all that other legal crap, plus it's a lot of numbers and they are nervous trusting a jury to understand it. They just give up and go for the weak charges. Until that changes, this sort of thing will continue in many other forms.

Was shocked when Countrywide actually lent my sorry ass the money to buy my house. Now my house note payments go to Bank Of America. Only 5 years left & it's paid off. Personally, I wouldn't have lent me a dime at the time.

RoyBatty: I read a lot of lawyer blogs and lawyers are always on about how they are professionals, and how they put in this pro-bono time, and blah blah blah, and yet,

None of these farktards, or our famous FARK lawyers have lifted a finger to actually do anything for real.

The world is made a better place whenever a lawyer dies.

Yeah, fark you.

Sounds like somebody really choked on the LSAT.

Danger Avoid Death: Kenny B: Was shocked when Countrywide actually lent my sorry ass the money to buy my house. Now my house note payments go to Bank Of America. Only 5 years left & it's paid off. Personally, I wouldn't have lent me a dime at the time.

I'm still waiting on that 10 bucks you owe me.

Don't hold your breath

Lunchlady: But when we're talking about systemic abuses of responsibility that brought down an entire financial sector a $350,000 mortgage is peanuts.

Multiply that number by a few million and then you'll see exactly what happened.

NewportBarGuy: Lunchlady: But when we're talking about systemic abuses of responsibility that brought down an entire financial sector a $350,000 mortgage is peanuts.

Multiply that number by a few million and then you'll see exactly what happened.

To add... That's exactly how they saw it. "It's just one loan, or this one. I just need this $5k to pay for my vacation."

It always starts so easy and then cascades into a world of sh*t.

apotheosis27: let's make it happen, people.

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Ron Paul would never make it on 60 Minutes. Do they expect that he could replace Andy Rooney?



"People have often told me I said the things they are thinking themselves. Things like deregulating the Banking Industry so that Wall Street can be optimized."


I don't think that 60 Minutes would hire him. It just wouldn't work.