OpEdNews - Diary: Who said NO to crap mortgage securities?

September 26, 2008 at 13:29:45 Permalink
Who said NO to crap mortgage securities?

Diary Entry by Joel S. Hirschhorn (about the author)

We need to hear about and hear from those people in the financial sector that said NO to those mortgage based securities.

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What no one is talking about or providing details on is this: what organizations within the financial sector said NO to those mortgage-based securities that became next to worthless? Were there pension funds, hedge funds, insurance and annuity companies, banks, investment firms, and others that had the good sense to reject securities backed by sub-prime mortgages?

If there were, and I think there must have been because not all entities seem ready to go belly up, then we would have proof positive that there were alternatives to greed and stupidity. Identifying these smart outfits would then allow the government to recruit financial experts that really have something to offer, rather than using the losers from Wall Street that were responsible for creating this mess to begin with.

So let’s see some investigative reporting that tries to find out who did not drink the sub-prime mortgage Kool-aid and demand to hear from them at congressional hearings. What made them avoid what so many others fell for?

Joel S. Hirschhorn is the author of Delusional Democracy - Fixing the Republic Without Overthrowing the Government (www.delusionaldemocracy.com). His current political writings have been greatly influenced by working as a senior staffer for the (more...)

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