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and other day and other devastating report about how the banks are screwing
us close about word stanley in what they did during that
meltdown of the housing market
uh... the new york times explains that in the fall two thousand five the bank
employees gone uh... non-public assessment progress at the so
nobody else does but was it except the will of the bank about how the sub-prime
market
uh... was a house of cards now what happens next is interesting with that
knowledge they decide hey you know what in february of two thousand six
will build
uh... at a product of financial product
that is full of those types of moments
now wait a minute
just got an assessment saying they're toxic
why are you
building at investment like that well
might have some new address a couple months later in april two thousand six
they created their own internal hence one inside boris only
to bid
against those park sick mortgages
they create them the proper muppets on the other people as soon as they sell
them for those people
they sure down meaning that they bet against them because they know the day
just sold on the value of goods
pc this would be called fraud
and if we had a real justice department would be pursued but of course we don't
have a just apartment
those holy beholden to the banks in this country
it is sick
if it wasn't clear enough what morris families intentions were well i just got
sued by one of the people that they soccer duit bank out of taiwan
they did an investigation because of the civil lawsuits
they found what the government could have found debate any intention of
investigating any of these banks
it turns out the bankers at morganstanley
didn't know how talks the southwest
in fact living in a minute names for the packages they created
sub-prime meltdown
this was before the meltdown that they label good sub-prime meltdown
whistle-stop but they're selling the other people saying
well this is awesome you should buy outs
pitman
nuclear
holocaust
mike tysons punch out
and my favorite it's not on the list there
ship back
that was one of the nicknames
for the stuff that they were selling their clients share wonder if that was
fraught i can't quite tell
you might say well
how sure were they
when that yasir morris family therapists spokesperson well they seem to know this
was pretty toxic would not be front basic all go to the guy who given or
that several dozen game in those days
that was in in their field of expertise quote
it was not his job or within a skill set this s the state of the market or the
credit quality of the transaction being discussed
really they were settling in so you think that it would be in there still
sent to know what was in it
and you would think they know what's in it because they just call that the
nuclear holocaust
rotated your assuring that
then we find another email
and this is an employee saying one of the reasons
that we should sell this junk is quote
the inability
this short up to three hundred twenty five million dollars of credits
in the c_b_o_
that he does speak financial speaker i will decide for that for you
shorting means betting against
so they like most create this thing
and let's bet for an interview million dollars that it will collapse
how do we know it's going to collapse
were the ones who created
and in fact they did wind up putting a hundred and seventy million dollars of
bats against that so was it just their intention
they took action on
the how bad was intended they in because
the main excuses just apartment has every time is
look it's really hard in this case also work approved it might help if you tried
by the way you have these emails in a mantra
but if you get your all that you have to prove that they knowingly did this
i think calling something as *** mag
that need to clear all the cause
he's got a pretty decent idea they knew what was then that crap
and then if you weren't sure here's
and other email where they say
that this time for sport
deteriorating appraisal quality
that is very flagrant
it's one of my favorites
it's deteriorating
and it's it's very inadequate away that is
very flagrant
everybody inside the building does
in fact
what they did was they took the guys
packaged it up and wrote the email saying this is really terrible stuff and
they move them to the division which would bet against those more talks are
more regions
she had one of the knowingly did it
how easy a case would this have been approved
at the justice department wanted to prove it
worst labor or ahead of the criminal division had
no such interest
and every time he's asked about it behooves all by cob i don't like top
priority
but it's not about to it
buddy top priority you got justice internees general uh...
eric holder of course
use the word that come in tomorrow it
what's that all that's a law firm that represented the top banks in the country
he was their defense lawyer
and now his attorney jill and another one coincidence talent you can provide
them for it
by the way on that one deal alone that they want to calling the stack has ended
had to sell the somebody in the lego care can find it's not mike tyson's
pointers
the stack
okay
well what happened to that deal
that five hundred million dollars of assets backing the deal
four hundred and fifty million dollars
ended up being
workforce
the people they sold it to lost four hundred and fifteen out of the five
hundred million up
she i wonder if they knew was going to be fraught
i wonder if that was a criminal action
knowingly taken
by these lawyers when you read the emails it's not even close is obvious
but our government
is in on it
they don't prosecute these guys 'cause these guys with their friends
they defended them before
and as soon as they get out officer gonna get paid millions of dollars the
defend them again and part of the services that they render is to make
sure none of them
no matter how criminal that actions were no matter how fraudulent their actions
were no matter how much it cost
all the people
consumers evan taxpayers
never
ever suffer the consequences
but they all keeper bonuses and never see a danger
this system is rigged against us
and it is sick