The Movie which ZeroHedge calls "the scariest Wall Street "horror movie" ever produced" - watch Charles Ferguson's run down of the GFC
"INSIDE JOB"
Enjoy!! Embedded below or download here (may get taken down)
But just to be slightly critical he missed out on properly explaining the insidious nature of the fraud. The money/paper trail between borrower and ultimate lender or the lack thereof. When the "CDOs failed" (I don’t believe it is that straight forward) they were written down to nothing for your regular punter like the Norwegian village pension fund. But this can’t be right can it? In the case of the Lehmans CDOs forced, at times unwillingly, on to councils and charities across Australia, they were backed by US Mortgage Securities. Or were they? No. If they were then you know what, I’d be flying over to the US to take possession of my assets if I was left holding one of those pieces of shit ... sorry “shitty deals”
Okay so something is missing here. What happened to the assets in the CDO? Who got them? Who owns them now?
The JPM CDO handbook from 2001 hints at why no-one gets it ... the third bloody page and you are already confused by the line “the CDO sells the CDOs” ... huh? Okay well a little thought and that is easy enough to move on from ... but this is part of the problem, since no-one really understood what they were buying the banksters were able to completely screw everyone from every direction and still are.
The GFC was fraud on the galactic scale ... the set up through dodgy deregulation lobbying, the pushing of shit loans onto ignorant punters, the financial alchemy of repackaging shit into AAA debt, the knowledge that this stuff was shit but the pushing of the shit onto trusting others, the betting against these shitty deals, the purposeful destruction of Lehmans, the TARP bail-out, the big screw you to everyone outside the banking industry left holding CDOs, the theft of the CDO assets, and on and on and on ... and then ForeclosureGate ... either the bastards know who owns the assets and can therefore transfer assets to the holders of the (apparently worthless) CDOs or they have no right whatsoever to those properties they are foreclosing on ...
If they don’t know where the title lies then 1) they have simply stolen their bonuses and pay from the shareholders as they were not doing their jobs in the slightest 2) they need to go to jail under market disclosure laws 3) they need to go to jail for accounting fraud 4) they need to go to jail for tax fraud 5) they need their heads cut off.
Hank Paulson knew EXACTLY what was going on as he was head of Goldman Sachs when they came up with their schemes. Hank Paulson knew he and his mates were the main beneficiary of the TARP bailout. Hank Paulson has elephantitis balls. Hank Paulson must be hanged.
Number of people in jail - ZERO
Now that is one shitty deal!!
[SockRatEz says: Check this dude below out!!]
[SockRatEz says: Yeah!! Really!!]
"INSIDE JOB"
Enjoy!! Embedded below or download here (may get taken down)
How one and a half hours can reingite a fury not felt for a year! There has been so much going on in the last couple of years and then over the last 10 before that, you can get a bit numb to it. Yes perhaps I was suffering from some form of Black Swan Fatigue. But I feel soooooo mmmaaaaaaaadddddd again after watching that movie that I have veins popping out my head (#atnotreallybutforeffect). Awesome stuff Charles Ferguson ... you have earned yourself the position of my second favourite Ferguson after this guy ...
But just to be slightly critical he missed out on properly explaining the insidious nature of the fraud. The money/paper trail between borrower and ultimate lender or the lack thereof. When the "CDOs failed" (I don’t believe it is that straight forward) they were written down to nothing for your regular punter like the Norwegian village pension fund. But this can’t be right can it? In the case of the Lehmans CDOs forced, at times unwillingly, on to councils and charities across Australia, they were backed by US Mortgage Securities. Or were they? No. If they were then you know what, I’d be flying over to the US to take possession of my assets if I was left holding one of those pieces of shit ... sorry “shitty deals”Okay so something is missing here. What happened to the assets in the CDO? Who got them? Who owns them now?
The JPM CDO handbook from 2001 hints at why no-one gets it ... the third bloody page and you are already confused by the line “the CDO sells the CDOs” ... huh? Okay well a little thought and that is easy enough to move on from ... but this is part of the problem, since no-one really understood what they were buying the banksters were able to completely screw everyone from every direction and still are.
The GFC was fraud on the galactic scale ... the set up through dodgy deregulation lobbying, the pushing of shit loans onto ignorant punters, the financial alchemy of repackaging shit into AAA debt, the knowledge that this stuff was shit but the pushing of the shit onto trusting others, the betting against these shitty deals, the purposeful destruction of Lehmans, the TARP bail-out, the big screw you to everyone outside the banking industry left holding CDOs, the theft of the CDO assets, and on and on and on ... and then ForeclosureGate ... either the bastards know who owns the assets and can therefore transfer assets to the holders of the (apparently worthless) CDOs or they have no right whatsoever to those properties they are foreclosing on ...
If they don’t know where the title lies then 1) they have simply stolen their bonuses and pay from the shareholders as they were not doing their jobs in the slightest 2) they need to go to jail under market disclosure laws 3) they need to go to jail for accounting fraud 4) they need to go to jail for tax fraud 5) they need their heads cut off.
Hank Paulson knew EXACTLY what was going on as he was head of Goldman Sachs when they came up with their schemes. Hank Paulson knew he and his mates were the main beneficiary of the TARP bailout. Hank Paulson has elephantitis balls. Hank Paulson must be hanged.
Number of people in jail - ZERO
Now that is one shitty deal!!
[SockRatEz says: Check this dude below out!!]
[SockRatEz says: Yeah!! Really!!]
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