“I was there when the first flicker was conceived of masquerading junk bonds as investment grade if they were backed by mortgage loans. And I was there when they realized that they could be sure of the failure of mortgage loans and make a fortune betting on it without ever putting up a dime. The trick on Wall Street has always been to take the profits and allocate losses to investors. Why is this so difficult for the media when the facts are all in the public domain?”
My consistency should be lauded instead of ignored. I represent one of the few people left who were on Wall Street in the late 1960’s and early 1970’s and who used layered bundling of derivative securities in the 1980’s to finance investments in commercial and residential real estate. Back when I started on Wall Street in my early 20’s I fell right in with those who set the tone and culture of Wall Street that frankly has not changed since the dawn of securitization (the breaking up of an investment into smaller shares so that more people with more money could provide capital to capitalist enterprises). We are talking about 2,000 years of human history where the Romans invented the idea of condominiums and cooperatives, the prejudices against Jews forced them into the jewelry and lending business because they were not allowed to do anything else, and the first appearance…
View original post 1,179 more words
Want Worldwide PEACE and Prosperity. We are the solution we have been searching for... Free People on Earth will solve our crisis and create an era of Creativity. Be Aware; Be Creative; Be Active; Be Free; and then Share it. LOVE & Wholeness AMOR y Paz
Please Contribute a Reply