Angelo Mozilo Phil Gramm Alan Greenspan Chris Cox American Consumers Hank Paulson Joe Cassano Ian McCarthy Frank Raines Kathleen Corbet Dick Fuld Marion and Herb Sandler Bill Clinton George W. Bush Stan O'Neal Wen Jiabao David Lereah John Devaney Bernie Madoff Lew Ranieri Burton Jablin Fred Goodwin Sandy Weill David Oddsson Jimmy Cayne cont on link.. http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350,00.html
While I don't completely disagree with the list, I also have to include everyone in every country who saw the dollar signs and pictures of cool stuff like a McMansion they couldn't really afford. Companies marketed bogus dreams and politicians pushed business to make phony loans, but ultimately people have to take responsibilty for borrowing more money they they could afford to maintain. It's like the people that blame the ambulance chaser lawyers, the lawyers are part of the problem, but they are nothing without the greedy dirtbag clients who sees the same payday for using their lawnmower to trim their toenails.
Don't worry bank of america is helping out those who couldn't afford the McMansions!!!!!!!!!!!! Everything is going well for those who are collecting unemployment and still get to live in a house they cannot afford. Bank of America will on Wednesday announce plans to start forgiving mortgage loan principal for troubled homeowners who owe more than 120 percent of their home's value or are battling ever-expanding "negative amortization" loans.
Forget the names. We have two groups, private sector and public sector. The summary of those in the private sector end with dollars signs and executive compensation. Mozzilo et al are portrayed as evil greedy capitalistic bastards who did it for the money. Then what of the gov't sector who had no monetary incentive? Are they just dumb? Try try again? Can you easliy hang Mozzilo but let Graham off the hook? The gov't lands in the category of just trying to do what's right and they get a free pass? (Repeal of Glass-Steagal,etc.?) Get my drift? What's the difference between Lehman buying Archstone and Jive Turkey buying a home in the Bronx? Seems to me both the transactions were sanctioned by the US Gov't. Lehman used a repo 105, Jive Turkey used a Ninja loan.
The biggest Joker in the Pack was Alan Grenspan with his learned looks who time and again spread the palliative balm on Seanate and House of Rep Members and dissuaded them from enacting strong regulatory measures that could have controlled the feedinf-frenzy that overtook American Bankers. I think aspirants to FED-posts should be put thru' Paul Volker's "school" before they even approach the Chairmanship. And Hank Paulson ? Did you expect anything else from a member of "Master of sleight of Hand" brigade ?
I remember, I think it was, the CFO for Lehman on CNBC about 2 weeks before they collapsed. She was asked if they were in deep poop, and she clearly stated, no we are all right. I said to my Dad, a couple of friends and my wife that she was definitely lying. I only wish I had followed through on my hunch and shorted the hell out of them. It's those kind of liars that should have to refund their pay. I'm with persecuting Greenspan also. I remember that knucklehead testifying at a Humphreys Hawkins, or whatever it is now, saying he thought everyone should take advantage of adjustable rate loans, as he only forsaw rates going lower. What a chump. Yea, rates went lower after Bernanke figured it was the only way to prevent a collapse from people who were in way over their heads on mortgages they should have never had.
CFO at Lehman was Erin Callan. And the other one over at Bear who was in charge of risk who went on to make cupcakes for kids and admitted all she wanted to do in life was be a chef are two prime examples why women should not be allowed in the workforce.