Citibank CEO - Banks Need Regulation

[The Rabbi]

Except that after the bailout the banks largely paid back what the gov't had given them with interest. So we socialized the benefits too.

We socialized the business loss so the banks wouldn't fail. However, did any of the traders, bank executives or anyone else pay back the huge amounts of income that they realized before the collapse?

No they did not. So not only did they tank the economy, screw up the banking industry and make huge amounts of money, no one was really punished and they didn't have to give back a dime.

Your idea that we socialized the benefits is bull shit.

Yeah actually they did. Remember when Goldman execs were forced to give up bonuses the company had promised them? So much for agreements and rule of law.
Yet another left wing slogan down in flames.
Damn this is getting to be a habit.

 

[Full-Auto]

Great. Prosecute the guys who lied about mortgages.

Why didn't that happen? Other than Muzano (sp) form Countrywide, who got prosecuted?

Didn't Franklin Raines get prosecuted? No, I guess not.

I wonder if these clowns recall the democrats ragging on a bank in mass. That didnt suffer any loan losses.

 

[The Rabbi]

Except that after the bailout the banks largely paid back what the gov't had given them with interest. So we socialized the benefits too.

We socialized the business loss so the banks wouldn't fail. However, did any of the traders, bank executives or anyone else pay back the huge amounts of income that they realized before the collapse?

No they did not. So not only did they tank the economy, screw up the banking industry and make huge amounts of money, no one was really punished and they didn't have to give back a dime.

Your idea that we socialized the benefits is bull shit.

I'll go one further.

How did the banks "pay back the government"? Did they break out a printing press in the basement?

Fuck no.

What they did was go back to their paying customers, the ones who still had jobs, and hit them with a whole bunch of new fees, increased interest rates and penalties to raise that money.

So it's like we got screwed by the banksters twice. First they wrecked the economy, then they squeezed blood from a turnip in order to get out from under the loans they got from the government.

BUt Toro and Rabbi will try to act like the banks were the victims here, and we need Romney to protect them from further abuse.

NO, actually they paid it back from operations. The increased fees were the result of Dodd-Frank, which made other forms of income illegal.
So let's ask: do you want banks to make money or not? If you want them to make money, should they do so from people willing to pay for their services or not willing? Can you see that "government regulation" is now forcing the opposite result from the one you want? Can you put the actual blame where it needs to go, rather than on the targets left wing talk shows have instructed you to target?

 

[zeke]

Talk about liars in the mortgage industry.

The sub prime lenders put together loans that were called "liars loans". They were also called NINA loans. No income no asset. Credit scores well below 650.

Us A paper originators would just shake our heads that anyone would fund some of the loans that were being made. But they did. We would take bets as to when the first payment would be missed.

Greed was and is, overwhelming.

And the realtors played a big part in this mess and NEVER get the credit they so richly deserve. Wonder how they avoided responsibility for the part they played.

 

[zeke]

Didn't Franklin Raines get prosecuted? No, I guess not.

Sure as hell should have. To have let his greed overcome all the good that Fannie had done in the past was criminal.

 

[The Rabbi]

JoeB. I was a mortgage loan officer for 18 years. Ran a branch operation for Wells Fargo.

When Glass Stegal was repealed, I and other loan officers were pretty much sure what was going to happen. And it did. When the sub prime sales men started coming around, they were ASKING for shit borrowers. Looking for high risk loans.

And why not.

The new "regulations: were going to allow sub prime, non conforming lenders to make shit loans, realize big profits and IMMEDIATELY pass the risk on to an unsuspecting investor.

Of course the MBS's were supossed to be vetted by one of the credit rating agencies. Greed overcame their good business sense as well.

If you were not in the industry during this time frame, you would have no idea of the amount of money being made and the effect greed started to have on the industry as the game went on.


However there were good mortgage lenders that never participated in that mess and they should be applauded today.

The crooks should be in jail.

But when you live in a plutocracy, the monied never go to jail. The just fund a politician as pennance.sp.

A conforming lender is the biggest scumbag I know. Since they compete on nickels they will screw their mothers for the business.
I personally doubt you did any more with mortgages other than get foreclosed on one. I was a B/C lender for 9 years. We frequently gave second chances to people a bank would toss out the door. We allowed people to buy houses or pay off debt that banks turned down because they didnt meet some preconceived notion. And the borrowers paid for it. But they knew what they were getting.
"Unsuspecting investor"? Really? You realize these are professional managers with MBAs etc, who should really know their business. I never thought you'd take the side of corporate managers over small individuals. But there you have it. Greed and envy are ugly distorting things.

 

[zeke]

Yeah actually they did. Remember when Goldman execs were forced to give up bonuses the company had promised them? So much for agreements and rule of law.

Oh you mean when Goldman had to go begging to the guvmint to save their ass. And the guvmint made an example of their greed by cutting their bonus. Just like the public wanted.

And you think punishing a few executives at Goldman represents punishing the entire banking industry?

You need better source material.

 

[zeke]

Hey Rabbi. Plain talk. Fuck you.

 

[The Rabbi]

Hey Rabbi. Plain talk. Fuck you.

About the most articulate and reasoned response I would expect from you. You are a liar and poseur, filled with envy for others who have done better than you. A pitiful piece of shit excuse for humanity.

 

[The Rabbi]

Yeah actually they did. Remember when Goldman execs were forced to give up bonuses the company had promised them? So much for agreements and rule of law.

Oh you mean when Goldman had to go begging to the guvmint to save their ass. And the guvmint made an example of their greed by cutting their bonus. Just like the public wanted.

And you think punishing a few executives at Goldman represents punishing the entire banking industry?

You need better source material.

Remind me why the entire banking industry needs to be punished? Oh yeah, they make more money than you do.

 

[uscitizen]

Yeah actually they did. Remember when Goldman execs were forced to give up bonuses the company had promised them? So much for agreements and rule of law.

Oh you mean when Goldman had to go begging to the guvmint to save their ass. And the guvmint made an example of their greed by cutting their bonus. Just like the public wanted.

And you think punishing a few executives at Goldman represents punishing the entire banking industry?

You need better source material.

How did the govt make them cut the bonuses?
Make it a condition of getting the tax money?
So it was the banks choice then?

 

[zeke]

Unsuspecting investor"? Really? You realize these are professional managers with MBAs etc, who should really know their business. I never thought you'd take the side of corporate managers over small individuals. But there you have it. Greed and envy are ugly distorting things

Yea I used to here all that "we are helping the borrowers that blah blah blah.

And at very limited originations, maybe some were helped. But if you REALLY originated mortgage loans (which is highly doubtful) then you would be aware that as the end neared, originators could care less if they were "helping" someone as long as they could close the loan, pass on the risk and make a big commission.

And do you even know just who was out there buying MBS's? Retirement funds, states, European investors etc. Or did you think they (mortgage backed securities) all went to the mortgage lenders. LOL.

 

[The Rabbi]

Unsuspecting investor"? Really? You realize these are professional managers with MBAs etc, who should really know their business. I never thought you'd take the side of corporate managers over small individuals. But there you have it. Greed and envy are ugly distorting things

Yea I used to here all that "we are helping the borrowers that blah blah blah.

And at very limited originations, maybe some were helped. But if you REALLY originated mortgage loans (which is highly doubtful) then you would be aware that as the end neared, originators could care less if they were "helping" someone as long as they could close the loan, pass on the risk and make a big commission.

And do you even know just who was out there buying MBS's? Retirement funds, states, European investors etc. Or did you think they (mortgage backed securities) all went to the mortgage lenders. LOL.

Was there abuse? Yes of course. There is abuse in every industry.
You think retirement funds are run by unsophisticated individuals? ROFLMAO!!

 

[zeke]

OOOH The guy in the clown suit tried to insult me? I am deeply huurt. Fuk you clown.

Keep trying asshole. I would have to give a fuk what you say to be insulted.

But you sure write some stupid shit. That is kinda funny. If it wasn't so stupid. But them again; you do represent yourself as a clown. What should folks expect but clownish statements.

Go get em tiger.

 

[Toro]

JoeB. I was a mortgage loan officer for 18 years. Ran a branch operation for Wells Fargo.

When Glass Stegal was repealed, I and other loan officers were pretty much sure what was going to happen. And it did. When the sub prime sales men started coming around, they were ASKING for shit borrowers. Looking for high risk loans.

And why not.

The new "regulations: were going to allow sub prime, non conforming lenders to make shit loans, realize big profits and IMMEDIATELY pass the risk on to an unsuspecting investor.

Of course the MBS's were supossed to be vetted by one of the credit rating agencies. Greed overcame their good business sense as well.

If you were not in the industry during this time frame, you would have no idea of the amount of money being made and the effect greed started to have on the industry as the game went on.


However there were good mortgage lenders that never participated in that mess and they should be applauded today.

The crooks should be in jail.

But when you live in a plutocracy, the monied never go to jail. The just fund a politician as pennance.sp.

A conforming lender is the biggest scumbag I know. Since they compete on nickels they will screw their mothers for the business.
I personally doubt you did any more with mortgages other than get foreclosed on one. I was a B/C lender for 9 years. We frequently gave second chances to people a bank would toss out the door. We allowed people to buy houses or pay off debt that banks turned down because they didnt meet some preconceived notion. And the borrowers paid for it. But they knew what they were getting.
"Unsuspecting investor"? Really? You realize these are professional managers with MBAs etc, who should really know their business. I never thought you'd take the side of corporate managers over small individuals. But there you have it. Greed and envy are ugly distorting things.

I certainly agree with the last part. This garbage was bought by guys who were yield pigs looking for an extra 30-40 bps AAA paper over Treasuries. They thought it was a free lunch.

We did equity swaps and were shown structures where the underlying was "AAA" synthetic CDOs backed by BBB subprime RMBS that collapsed to pennies after the crisis. But we could have picked up an extra 20 bps!

 

[Toddsterpatriot]

JoeB. I was a mortgage loan officer for 18 years. Ran a branch operation for Wells Fargo.

When Glass Stegal was repealed, I and other loan officers were pretty much sure what was going to happen. And it did. When the sub prime sales men started coming around, they were ASKING for shit borrowers. Looking for high risk loans.

And why not.

The new "regulations: were going to allow sub prime, non conforming lenders to make shit loans, realize big profits and IMMEDIATELY pass the risk on to an unsuspecting investor.

Of course the MBS's were supossed to be vetted by one of the credit rating agencies. Greed overcame their good business sense as well.

If you were not in the industry during this time frame, you would have no idea of the amount of money being made and the effect greed started to have on the industry as the game went on.


However there were good mortgage lenders that never participated in that mess and they should be applauded today.

The crooks should be in jail.

But when you live in a plutocracy, the monied never go to jail. The just fund a politician as pennance.sp.

A conforming lender is the biggest scumbag I know. Since they compete on nickels they will screw their mothers for the business.
I personally doubt you did any more with mortgages other than get foreclosed on one. I was a B/C lender for 9 years. We frequently gave second chances to people a bank would toss out the door. We allowed people to buy houses or pay off debt that banks turned down because they didnt meet some preconceived notion. And the borrowers paid for it. But they knew what they were getting.
"Unsuspecting investor"? Really? You realize these are professional managers with MBAs etc, who should really know their business. I never thought you'd take the side of corporate managers over small individuals. But there you have it. Greed and envy are ugly distorting things.

I certainly agree with the last part. This garbage was bought by guys who were yield pigs looking for an extra 30-40 bps AAA paper over Treasuries. They thought it was a free lunch.

We did equity swaps and were shown structures where the underlying was "AAA" synthetic CDOs backed by BBB subprime RMBS that collapsed to pennies after the crisis. But we could have picked up an extra 20 bps!

We did equity swaps and were shown structures where the underlying was "AAA" synthetic CDOs

Synthetic CDOs are derivatives.

 

[The Rabbi]

JoeB. I was a mortgage loan officer for 18 years. Ran a branch operation for Wells Fargo.

When Glass Stegal was repealed, I and other loan officers were pretty much sure what was going to happen. And it did. When the sub prime sales men started coming around, they were ASKING for shit borrowers. Looking for high risk loans.

And why not.

The new "regulations: were going to allow sub prime, non conforming lenders to make shit loans, realize big profits and IMMEDIATELY pass the risk on to an unsuspecting investor.

Of course the MBS's were supossed to be vetted by one of the credit rating agencies. Greed overcame their good business sense as well.

If you were not in the industry during this time frame, you would have no idea of the amount of money being made and the effect greed started to have on the industry as the game went on.


However there were good mortgage lenders that never participated in that mess and they should be applauded today.

The crooks should be in jail.

But when you live in a plutocracy, the monied never go to jail. The just fund a politician as pennance.sp.

A conforming lender is the biggest scumbag I know. Since they compete on nickels they will screw their mothers for the business.
I personally doubt you did any more with mortgages other than get foreclosed on one. I was a B/C lender for 9 years. We frequently gave second chances to people a bank would toss out the door. We allowed people to buy houses or pay off debt that banks turned down because they didnt meet some preconceived notion. And the borrowers paid for it. But they knew what they were getting.
"Unsuspecting investor"? Really? You realize these are professional managers with MBAs etc, who should really know their business. I never thought you'd take the side of corporate managers over small individuals. But there you have it. Greed and envy are ugly distorting things.

I certainly agree with the last part. This garbage was bought by guys who were yield pigs looking for an extra 30-40 bps AAA paper over Treasuries. They thought it was a free lunch.

We did equity swaps and were shown structures where the underlying was "AAA" synthetic CDOs backed by BBB subprime RMBS that collapsed to pennies after the crisis. But we could have picked up an extra 20 bps!

Exactly. In a low interest rate environment spreads between Treasuries and mortgage bonds and related securities went to 10-15 bps. That's absurd, given the level of risk.
So it wasn't greedy bankers pushing bad loan paper on unsuspecting customers. Rather it was bad gov't policy creating an environment where making mortgage loans was profitable. Buyers saw they could get financing on attractive terms if they could cast a shadow and signed up. Investment pools like retirement funds got greedy looking for yield and bought up the paper, disregarding the history of mortgage debt and the poor returns for risk they were offered.
Eventually the underlying loans started to go bad and the bubble deflated, leaving everyone--everyone--holding the bag.
That is more true than any "the banksters stole our money" bullshit the Left hands out.

 

[JoeB131]

I'll go one further.

How did the banks "pay back the government"? Did they break out a printing press in the basement?

Fuck no.

What they did was go back to their paying customers, the ones who still had jobs, and hit them with a whole bunch of new fees, increased interest rates and penalties to raise that money.

So it's like we got screwed by the banksters twice. First they wrecked the economy, then they squeezed blood from a turnip in order to get out from under the loans they got from the government.

BUt Toro and Rabbi will try to act like the banks were the victims here, and we need Romney to protect them from further abuse.

How did the banks "pay back the government"?

The same way anyone pays back a loan. With money.

Okay, Paint-Chip, I realize you are some kind of high-functioning retard, but go back and read what I said. And then go back and have someone help you with the big words.

They paid them back not with the obscene profits they made when times were good. They paid them back SCREWING their customers with all sorts of gimmicks.

Again, best way to prevent the next banking crisis is to send the ones who perpetrated this one to repeated sodomy in big boy jail.

 

[JoeB131]

JoeB. I was a mortgage loan officer for 18 years. Ran a branch operation for Wells Fargo.

When Glass Stegal was repealed, I and other loan officers were pretty much sure what was going to happen. And it did. When the sub prime sales men started coming around, they were ASKING for shit borrowers. Looking for high risk loans.

And why not.

The new "regulations: were going to allow sub prime, non conforming lenders to make shit loans, realize big profits and IMMEDIATELY pass the risk on to an unsuspecting investor.

Of course the MBS's were supossed to be vetted by one of the credit rating agencies. Greed overcame their good business sense as well.

If you were not in the industry during this time frame, you would have no idea of the amount of money being made and the effect greed started to have on the industry as the game went on.


However there were good mortgage lenders that never participated in that mess and they should be applauded today.

The crooks should be in jail.

But when you live in a plutocracy, the monied never go to jail. The just fund a politician as pennance.sp.

Depressing, but true!

 

[The Rabbi]

I'll go one further.

How did the banks "pay back the government"? Did they break out a printing press in the basement?

Fuck no.

What they did was go back to their paying customers, the ones who still had jobs, and hit them with a whole bunch of new fees, increased interest rates and penalties to raise that money.

So it's like we got screwed by the banksters twice. First they wrecked the economy, then they squeezed blood from a turnip in order to get out from under the loans they got from the government.

BUt Toro and Rabbi will try to act like the banks were the victims here, and we need Romney to protect them from further abuse.

How did the banks "pay back the government"?

The same way anyone pays back a loan. With money.

Okay, Paint-Chip, I realize you are some kind of high-functioning retard, but go back and read what I said. And then go back and have someone help you with the big words.

They paid them back not with the obscene profits they made when times were good. They paid them back SCREWING their customers with all sorts of gimmicks.

Again, best way to prevent the next banking crisis is to send the ones who perpetrated this one to repeated sodomy in big boy jail.

All of your points have been effectively refuted. You are merely repeating your stupidity over and over, hoping maybe someone will take your side.
You seem to be the mentally challenged one in this debate. Maybe if you finished high school this wouldn't be so difficult.