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In 2004 the SEC under Chair Chris Cox jerked the capital requirements for Investment banks.
This enabled the jerks to buy "MSEs" or bundled Mortgage Backed Securities from anyone with no collateral requirements for off setting capital in the investment banks.
The MSEs are just bundles of mortgages.
Many first came from Southern California or SoCal.
Chris Cox was a Rep to Congress for 17 years from SoCal, before he was appointed to Chair the SEC.
The b****** SoCal real estate billionaires needed a place to "funnel up" their bad paper. They are not Communists, of course, so everybody got a "cut" or "fee".
It is all just so gross and illegal as hell, but they won't serve a day in the pokey. The Sociopaths ought be ___. Fill in the blank as you see fit.
Conclusion. Well, of sorts....
The House and Senate passed the bailout and the fix this afternoon, Friday, 10-3-08
I'm sure nothing, or very little, will actually be said about what actually happened, though.
The 700 Billion dollars, plus some more, was passed, not a problem.
Nice little scam the boys had worked out there, eh? The bill was kind of a "Congrats, but ya got to greedy, kids and killed the Golden Goose," bill.
The SEC accounting rule that caused the whole thing was changed. They proper "news account" language did not even say a "loophole" was "closed."
Yahoo News merely reported in the last little paragraph of a straight news story that "an obscure accounting rule was changed."
YahooNews is the usually the 2nd most widely observed web site on the net.
A nice touch sent as a message was the inclusion of more required coverage for "mental" services in private insurance.
Sorry, boys, but, you know the Rule. "If you treat a Psychopath [Axis II Personalities] all you get is a better Psychopath. There are no treatments, no drugs, no cures."
So be it.
... Next.
Bob
This enabled the jerks to buy "MSEs" or bundled Mortgage Backed Securities from anyone with no collateral requirements for off setting capital in the investment banks.
The MSEs are just bundles of mortgages.
Many first came from Southern California or SoCal.
Chris Cox was a Rep to Congress for 17 years from SoCal, before he was appointed to Chair the SEC.
The b****** SoCal real estate billionaires needed a place to "funnel up" their bad paper. They are not Communists, of course, so everybody got a "cut" or "fee".
It is all just so gross and illegal as hell, but they won't serve a day in the pokey. The Sociopaths ought be ___. Fill in the blank as you see fit.
Conclusion. Well, of sorts....
The House and Senate passed the bailout and the fix this afternoon, Friday, 10-3-08
I'm sure nothing, or very little, will actually be said about what actually happened, though.
The 700 Billion dollars, plus some more, was passed, not a problem.
Nice little scam the boys had worked out there, eh? The bill was kind of a "Congrats, but ya got to greedy, kids and killed the Golden Goose," bill.
The SEC accounting rule that caused the whole thing was changed. They proper "news account" language did not even say a "loophole" was "closed."
Yahoo News merely reported in the last little paragraph of a straight news story that "an obscure accounting rule was changed."
YahooNews is the usually the 2nd most widely observed web site on the net.
A nice touch sent as a message was the inclusion of more required coverage for "mental" services in private insurance.
Sorry, boys, but, you know the Rule. "If you treat a Psychopath [Axis II Personalities] all you get is a better Psychopath. There are no treatments, no drugs, no cures."
So be it.
... Next.
Bob
