Wall Street is still playing us for suckers

hvactec

VIP Member
Jan 17, 2010
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New Jersey
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
 
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.
 
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








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.
 
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








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.

Can we take politicians to mechanics ?
 
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








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.

Can we take politicians to mechanics ?

Don't you wish?
 
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








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.

hahahaha
 
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.

Can we take politicians to mechanics ?

Don't you wish?
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"?
 
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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.

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.
 
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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
 
The investors that were ripped off by all Street were...you. Your idiot 401k manager was suckered into buying these securities. The guy managing your retirement money doesn't know shit. He's thinks proximity to money equals intelligence, but all he really knows or cares about are the box seat tickets and hookers and blow his buddies on Wall Street give him in return for him giving all your money to them to buy fraudulent securites.

The CDO mentioned in the opening post was constructed by Brian H. Stoker at Citibank. This fraudulent Class V Funding III CDO-squared ripped off investors (you) for over $700 million.

That's your money. Their hands are in YOUR pockets, stealing from YOU. Wake up!

Stoker is a free man. This was a clear act of fraud, proven in court, and he is not going to jail for it. Instead, his company is paying a fine that is a small fraction of what the investors lost.

Stoker will be golfing in the Bahamas, paying for the trip with the money he stole from you, while you are back here defending him. BWA-HA-HA!

Those of you who tell people on this forum that if they have a 401K they should be on the side of Wall Street are suckers. You are feeding these thieves. You are a rube.

Every synthetic CDO sold to investors (you) in this past decade were acts of fraud.

More crimes that were documented cases of fraud in which no one went to jail and a minor fine was levied:

Daniel Sparks and Tom Montag: Goldman Sachs. Constructed the fraudulent Timberwolf billion dollar toxic mortgage security and sold it to investors (you), then profited by betting against it. Deliberately stuffed the security with mortgages they knew were toxic so they could be on its failure while also profiting from its sale it to investors (you).

Fabrice Tourre: Goldman Sachs. Constructed the fraudulent Abacus 2007-ac1 CDO for which Goldman Sachs was fined but no one went to prison. Tourre allowed hedge fund manager John Paulson to select the toxic mortgages to be placed in the CDO so Goldman Sachs and Paulson could bet against the investors (you).


Angelo Mozillo: Countrywide CEO. This guy and his financial officers committed the exact same kind of crime the Enron CEO and financial officers did, and yet he walks free. Mozillo kept telling investors (you) that Countrywide was "consitently producing quality mortgages" while his internal memos show that he was well aware his company was creating the most toxic mortgages on the planet. The SEC originally demanded a jury trial for Mozillo, but he ultimately walked away with a fine and no admission of wrongdoing. This guy is the scummiest of the scum.


Unless you are trading on your own account, your money is being skimmed by these kinds of criminals. And they are getting away with it. And when their shit blows up in their faces, your taxes cover their losses. Their casino feeds you just enough pathetic returns to keep you coming back for more punishment.

I make more money on a single trade than you make in three months on the same amount of money in any 401K.

So go ahead, keep defending them and handing over your money to them.

Until public demand that Wall Street be cleaned up increases to the point of intolerabilty for politicians in Wall Street's pocket, you will be spending every day of your life as a sucker.
 
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Former democrat senator and NJ governor Jon Corzine is the symbol of what people hate about investment criminals but the left wing media can't bring themselves to investigate his loss of billions of investment dollars. The feds won't touch him because he is an influential democrat and could probably bring down some crooked politicians. Go after Jon Corzine lefties. Go after the crooks who should have been regulating Corzine's criminal operation. Focus on the criminal enterprise in the federal government and uncover the mess that caused Fannie Mae instead of attacking a soft target like Wall Street. Why not? It ain't about criminals and finance reform. It's about bringing down the capitalist system.
 
Former democrat senator and NJ governor Jon Corzine is the symbol of what people hate about investment criminals but the left wing media can't bring themselves to investigate his loss of billions of investment dollars. The feds won't touch him because he is an influential democrat and could probably bring down some crooked politicians. Go after Jon Corzine lefties. Go after the crooks who should have been regulating Corzine's criminal operation. Focus on the criminal enterprise in the federal government and uncover the mess that caused Fannie Mae instead of attacking a soft target like Wall Street. Why not? It ain't about criminals and finance reform. It's about bringing down the capitalist system.

The crooks on Wall Street are bringing down the capitalist system without any help from "socialists" whatsoever.

It wasn't "socialists" who crashed the entire Free World's economies and threw 10 percent of our country's people out of work.

It was the Democratic and Republican parties, ratings agencies, mortgage brokers, banks, broker dealers, irresponsible borrowers, the secondary market, investors, and deregulation. The only socialism going on was socialized losses placed on the taxpayers while the private profiteers who robbed all of us took off into the blue sky in their private jets.

It is time to wake up to where the real danger to capitalism lies. It ain't to your left, it is right next to you.
 
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So let's give the people in DC who are owned by the people in Wall Street more power to regulate Wall Street!

Oh, wait ... :doubt:
 
So let's give the people in DC who are owned by the people in Wall Street more power to regulate Wall Street!

Oh, wait ... :doubt:

There are elements in DC who are fighting regulation tooth and nail. Those are the idiots who are keeping your financial future in continued peril.
 
Here is Section 117 of the Commodities Futures Modernization Act of 2000, passed by a Republican Congress, signed by a Democratic President:

This Act shall supersede and preempt the application of any State or local law that prohibits or regulates gaming or the operation of bucket shops

Now ask yourself why the CFMA had to have a provision in it which exempted Wall Street from state laws which apply to illegal gambling rip-off joints.
 
So let's give the people in DC who are owned by the people in Wall Street more power to regulate Wall Street!

Oh, wait ... :doubt:

There are elements in DC who are fighting regulation tooth and nail. Those are the idiots who are keeping your financial future in continued peril.
Wait, let me guess: Republicans, right?
Predominantly. But when it comes to economics and financial regulations, stupidity is bi-partisan.
 
Goldman Sachs also sold these instruments while buying insurance through AIG against them.
Goldman sold them to their customers, while with their own money bet against them.

In 2009...Obama and Geitner bailed out AIG. They purchased the bad assets at FULL FACE VALUE.
Goldman Sachs on that day made $14 billion in PROFIT...that came directly from taxpayer funds.
It happened.
Goldman Sachs was not only not penalized for the practice - but was rewarded by this Administration.

Cali-Girl is exactly right. Wall Street is, always was, and will always be a temple of greed - and therefore will play the part. That is why we have the SEC, FBI and the Treasury Department to oversee their actions...and THIS is what we should be worried about.
 
You don't know very much about European Socialism.
Spain's Solar Deals on Edge of Bankruptcy as Subsidies Founder - Bloomberg Obama loves to try using failed economic policies and expects a different out come.
1. Spain's Socialist Prime Minister tried to create a green energy driven economy which was a total disaster. The link at the top tells the store.

2. Keynisian Economics has never worked. If you do not believe me, tell me where and when it worked.

When where has Communism ever worked?
 

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