An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Thursday, March 8, 2012
Randy Wray — The Financial Crisis and Shrek’s Onion of Fraud
"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.
Wow. That's the kind of thing that makes me want to go grab a pitchfork.
ReplyDeleteI'll get the torches. Someone get the rope.
ReplyDelete"All in all, banksters were in a “feeding frenzy” to create as many securitized pools as quickly as possible."
ReplyDelete^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.
Tom,
ReplyDeleteI think this gives strong credence to the generational aspect of the crisis (as you've alluded to occasionally in previous posts)