ktlight
29th April 2011, 08:44
I am a banker. I gave mortgages to people I knew couldn’t pay me back and made billions of dollar. The mortgages were worthless and could not legally be sold. I packaged the loans into bonds. I sold some of the mortgages five times over. Mere mortals go to jail for selling a home five times but I didn’t. I bought a new type of unregulated insurance called a Credit Default Swap (CDS) which had been invented by my friend Blythe Masters at JP Morgan while she was still back in England.
These Mortgage Backed Securities (MBS) could not pass scrutiny but there was none. The rating agencies charged me a small fee, only looked at the unregulated CDS insurance and gave the bonds a AAA rating. I then went back to the people at AIG and bought a CDS against the bonds I knew to be worthless so I could collect when the bonds went belly up.
So far I had made fees on the mortgages from the home buyers. Some of these people were illegal aliens and we had to help them fill out bogus applications claiming they made $70,000 a year as a babysitter. They couldn’t afford the payments so I had to loan them money to pay my fees and to make the mortgage payments.
I got my money back for the mortgages when I sold the bonds to the pensioners. I knew the pensioners were going to lose their investments in the bonds I sold. I also knew they were going to need their pensions as I had helped to pass the North American Free Trade Act (NAFTA) in 1994 knowing the workers would all lose their jobs and really need their pensions.
source
http://vidrebel.wordpress.com/2011/04/28/arrogance-of-a-banker/
These Mortgage Backed Securities (MBS) could not pass scrutiny but there was none. The rating agencies charged me a small fee, only looked at the unregulated CDS insurance and gave the bonds a AAA rating. I then went back to the people at AIG and bought a CDS against the bonds I knew to be worthless so I could collect when the bonds went belly up.
So far I had made fees on the mortgages from the home buyers. Some of these people were illegal aliens and we had to help them fill out bogus applications claiming they made $70,000 a year as a babysitter. They couldn’t afford the payments so I had to loan them money to pay my fees and to make the mortgage payments.
I got my money back for the mortgages when I sold the bonds to the pensioners. I knew the pensioners were going to lose their investments in the bonds I sold. I also knew they were going to need their pensions as I had helped to pass the North American Free Trade Act (NAFTA) in 1994 knowing the workers would all lose their jobs and really need their pensions.
source
http://vidrebel.wordpress.com/2011/04/28/arrogance-of-a-banker/