WaMu, Under U.S. Pressure, Scrambles for Deal or Capital

Alexius12 at 00:00 2008-09-23 said:

NICE BUSINESS BANKING! Make money like bandits for decades screwing borrowers with high APRs and fees on credit card loans, mortgage loans and others. Invent fancy new products that mostly people will never understand to a) get borrowers on the hook forever through negative amortization loans invented by, the mother of all swindlers World Savings Bank, now soon to disappear Wachovia Bank and b) zero percent initial rates that somehow end up at 25% APRs and borrowers beg for more money, that allows you to increase the max. transaction fee from a cap of $75 to no limit, and c) be able to resell the products to others, including foreign countries and investors abroad that used to trust us on the basis of being an almost fool proof investment by insuring them through companies like AIG.

When things go sour, blame the mess on the mortgage brokers you allowed to sell your own crazy products based on the decades of "underwriting" experience of your fabulous banking career, and the most important part, sell what's left of the bank by making the most money now crying to the wimps at the US government to use our tax payers money to get stuck with and buy their bad debts, which according to yesterday's revisions of the massive bail out now include personal loans, car loans, credit cards, etc... and open the golden parachute so that the executives can either retire rich and wealthy or redo the Ponzi scheme this time and time again, as they have done for decades through RTC, and other bailouts. Oh, the nice small detail is that yesterday our "used to be trusted" US government is now even allowing the rescuing of foreign banks with a"major" presence here. What a party!!! Guess who will have no fun and pay for it. YOU and ME. So, if you are going for the banking business, do not forget to lubricate both political sides so that when it hits the fan, you can scare them enough with how much worse it will be if you go under and get all the bail out money from the people's savings accounts you need.

I am of course talking about high up executives or people actually involved in the defrauding scheme within these institutions, not the hard working people that day in and day out, whether in clerical functions or similar, did their jobs not knowing what was happening up in the ladder.

Remember Charles Keating in the late seventies? He only served 5 years prison, costing us $150 billion of dollars of tax money. http://en.wikipedia.org/wiki/Keating_Five. He was able to keep millions though.

I used to love this country! Permalink