Jarhead
Gold Member
- Jan 11, 2010
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i think the question is a bit more complicated than simple politics and who butters the bread. I'll be the first to lineup any Wall Street folks who committed fraud or violated the public trust.
However...if the complaint is that firms sold worthless MBS's and CDO's to other firms, that in-and-of itself is not illegal by any means. It would only be a problem if they sold assets without proper disclosure. We don't have laws to protect Wall Street firms from their own stupidity.
I, personally, lost money due to the mortgage meltdown.
I blame no one but myself. I invested with the hopes my money would make easy money for me. If I had won the gamble, I would say "good call"....and if I lost, I would say "bad call"
Bad call.
And I again say...the real law breakers were the ones who lied on their mortgage applications. When you sign an app there is a disclaimer that says when you sign it you are attesting to the validity of the information to the best opf your knowledge.
The NINJA loans opened the door to the consumer to act illegally and unethically....if anyone actually broke a law...it was the ones that lied when they signed the affidavit.
I believe the people offering the loans and the people who signed them are equally culpable but...
The people offering the loans had a financial incentive in convincing applicants that they could lie on the application - and some clearly did so (and a few of those mortgage folks are where they belong, in jail.)
If someone convinces me to steal, and I steal...and I am caught...I am the only one at fault.
The one who convinced me? Unethical...not a friend...not one I would ever want to listen to again.....a lesson learned for me....but he did nothing illegal....I did.