Friday, September 26, 2008

Jail Time for Bankers

Y'all can get on your high horses about "don't judge others" but I'm laying down a line of condemnation against the bankers, hedge fund operators, the Wall Street folk and all the players, from corner office to broker in a cubicle, that had a part in the farce of lending that led to this mess.

All of them had to know what the stakes were and how immoral their actions. We'd seen real estate bubbles in the past and knew that was a doozie of one we were on. It wasn't lack of foresight, it was ignoring the known. I mean, c'mon, these are our best and brightest minds at the top, the products of our finest schools and corporate settings. They had to know.

But they went ahead and made loans that required no authentication of income and knowingly inflated value of collateral property with minimal cash down to keep the game going longer. We would call them fools except for the fact that they profited so handsomely along the way. The companies tanked, but the individuals profited hugely.

So they need to be punished by mans' law. Here's the link to the $160 billion S&L crisis of the '80s featuring Charles Keating and others:

The Keating Five scandal was prompted by the activities of one particular savings and loan: Lincoln Savings and Loan Association of Irvine, California. Lincoln's chairman was Charles Keating, who ultimately served five years in prison for his corrupt mismanagement of Lincoln.

1 Comments:

Anonymous Anonymous said...

Bankers in Santa Clara who help finance the subsidized stadium take nite, we have identified where you are

Bill bailey
Santa Clara plays fair

8/22/2011 10:38 PM  

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