Wall Street is still playing us for suckers

Discussion in 'Stock Market' started by hvactec, Nov 2, 2011.

  1. hvactec
    Offline

    hvactec VIP Member

    Joined:
    Jan 17, 2010
    Messages:
    1,315
    Thanks Received:
    106
    Trophy Points:
    83
    Location:
    New Jersey
    Ratings:
    +132
    As a mere youth, I bought a used car in New York to drive to California to be with the woman of my dreams. Inexplicably, she decided to rush back to New York, so I promptly took the car back to the dealer. He made a shockingly low offer. The car had been in an accident, he explained. The chassis was bent. I was flabbergasted. I had just bought the car from him. If the chassis was bent, it was bent when I bought it. The salesman offered me a take-it-or-leave-it shrug. He probably now works on Wall Street.

    That the morality of the used car lot has been adopted by Wall Street is now abundantly clear. Citigroup recently settled a civil complaint in which it was accused of selling mortgage-related investments that it knew were dogs. It was so certain that the investments were the financial equivalent of my used car that it bet against them — heads I win, tails you lose — and even selected the investments themselves, choosing from a cupboard of depleted and exhausted financial instruments. An investment in the Brooklyn Bridge would have been safer.

    These investments are known as collateralized debt obligations (CDOs), and they consisted of the sort of mortgage securities that nearly sunk the U.S. financial system. According to federal regulators, they were sold with the full knowledge that they were careening toward worthlessness and that, by deduction, their buyers were patsies. The bank made substantial profits on them. But when the Securities and Exchange Commission decided to act, it got Citigroup to pony up a mere $285 million fine that, to presumed chuckles, will doubtlessly be taken out of petty cash. The bank last quarter reported a profit of $3.8 billion.

    read more Wall Street is still playing us for suckers - The Washington Post
     
    • Thank You! Thank You! x 1
  2. California Girl
    Offline

    California Girl BANNED

    Joined:
    Oct 8, 2009
    Messages:
    50,337
    Thanks Received:
    8,960
    Trophy Points:
    0
    Ratings:
    +8,965
    How moronic. Wall St aren't playing us for suckers. Washington is. But please don't let reality ruin your fantasy..... oh, wait, it's not your fantasy... all you do is regurgitate the opinions of others.
     
    • Thank You! Thank You! x 1
  3. WillowTree
    Offline

    WillowTree Diamond Member

    Joined:
    Sep 15, 2008
    Messages:
    68,103
    Thanks Received:
    10,152
    Trophy Points:
    2,030
    Ratings:
    +14,645







    Sounds as if you were trying to play the car dealer for a sucker and he beat you at your own game. Next time you buy a used car take it to a reputable mechanic and have him check it out and quit being so damn dumb.
     
  4. dilloduck
    Offline

    dilloduck Diamond Member

    Joined:
    May 8, 2004
    Messages:
    53,240
    Thanks Received:
    5,552
    Trophy Points:
    1,850
    Location:
    Austin, TX
    Ratings:
    +6,403
    Can we take politicians to mechanics ?
     
  5. WillowTree
    Offline

    WillowTree Diamond Member

    Joined:
    Sep 15, 2008
    Messages:
    68,103
    Thanks Received:
    10,152
    Trophy Points:
    2,030
    Ratings:
    +14,645
    Don't you wish?
     
  6. CT9
    Offline

    CT9 Member

    Joined:
    Oct 3, 2011
    Messages:
    489
    Thanks Received:
    41
    Trophy Points:
    16
    Ratings:
    +41
    hahahaha
     
    • Thank You! Thank You! x 1
  7. usmcstinger
    Offline

    usmcstinger Silver Member

    Joined:
    Dec 31, 2011
    Messages:
    1,064
    Thanks Received:
    197
    Trophy Points:
    98
    Ratings:
    +251
    Why hasn't Chris Dodd and Barney Frank been called by before either house for what they new about the real financial problems at Fannie May and Freddy Mac?
    Why hasn't Obama done anything in 3 years about "Wall Street Playing Us for Suckers"?
     
    Last edited: Jan 1, 2012
  8. Douger
    Offline

    Douger BANNED

    Joined:
    Jun 25, 2009
    Messages:
    12,323
    Thanks Received:
    915
    Trophy Points:
    0
    Location:
    Not fucking there !
    Ratings:
    +915
    Here's your masters puppets vs. a man with a brain.
    Epic fail.
     
  9. KissMy
    Offline

    KissMy Free Breast Exam

    Joined:
    Oct 10, 2009
    Messages:
    12,061
    Thanks Received:
    2,144
    Trophy Points:
    255
    Location:
    In your head
    Ratings:
    +2,921
    Exactly - Government put the banks up to this absurd GSE driven banking model. Then Clinton removed the bank regulations (Shadow Banking System) greasing the skids so everyone could own a home. Government gave banks & GSEs an implicit government guarantee that they will be made whole on bad loans. This allowed Shadow Banks to pay ratings agency's to stamp AAA on this shit because it was now backed by our AAA government. Bush drank Clinton's Kool-Aid. Why else would our government have bailed out AIG who insured this AAA shit & the shadow banks who sold it?

    If you look back after the Great Depression when FDR created the FDIC that guaranteed all bank deposits up to $100K. It was the belief of most that everyone would deposit all of their money into the riskiest banks who paid out the highest interest on those deposits triggering an enormous FDIC payout. The governments FDIC guarantee most certainly would have caused this had it not been for their thorough regulation of banks to prevent such an event from playing out.

    So what does our brilliant government do? They give even more loan guarantees & remove the very regulation that prevent banks from abusing the shit out of those guarantees for huge profits that they generously shared with our elected officials who enabled this crap.
     
    • Thank You! Thank You! x 1
    Last edited: Jan 1, 2012
  10. whitehall
    Online

    whitehall Gold Member

    Joined:
    Dec 28, 2010
    Messages:
    27,737
    Thanks Received:
    4,325
    Trophy Points:
    290
    Location:
    Western Va.
    Ratings:
    +10,667
    Wall Street ...R...us. Every pension in the US is invested in Wall Street and (thank God) the stock market is still functioning despite the socialist revolution and the OWS terrorists. Barry Obama's attorney general set up the pardon for one of the FBI's top ten wanted and the worst corporate criminal (at that time) in exchange for a million dollar donation to Bill Clinton's library. Barry's financial advisor Frank Raines collected 90 Million taxpayer dollars for three years work while he was cooking the Fannie Mae books to show a fake profit.Barney Frank told America that Fannie Mae was solvent while it was in desperate trouble when he was House banking chairman and had oversight responsibility for Fannie. The point is that the corruption you imagine isn't in Wall Street, it's in the Obama administration
     

Share This Page