Thursday, March 8, 2012

Randy Wray — The Financial Crisis and Shrek’s Onion of Fraud


Wow! Randy rails against mortgage fraud.

This is a must-read. Yikes!

Read it at Economonitor | Great Leap Forward
The Financial Crisis and Shrek’s Onion of Fraud
by L. Randall Wray

4 comments:

Anonymous said...

Wow. That's the kind of thing that makes me want to go grab a pitchfork.

Jonf said...

I'll get the torches. Someone get the rope.

Trixie said...

"All in all, banksters were in a “feeding frenzy” to create as many securitized pools as quickly as possible."

^This. I didn't work the front office but worked the back office hedging and securitizing these loans to get them off the books asap. The loan volume that came through on even a daily basis was at astronomical levels. Regulators looked the other way. It was a machine.

Chewitup said...

Tom,
I think this gives strong credence to the generational aspect of the crisis (as you've alluded to occasionally in previous posts)