Friday, May 20, 2011

Bulletin: Bankstas/Brokas Covering Their Toxic Assets

This vid more or less synopsizes much of the information included on Taibbi's blog, but the read is far more complete, especially in terms of the crimes for which the Bankstas and Brokas might be liable
The questions Schneiderman will seek to answer are these: did the banks securitize loans they knew were fraudulent, throwing the rotten mortgages into the stew before serving them to customers? Did they also commit insurance fraud by duping the bond insurers (known as “monoline” insurers) into thinking the mortgages were not as risky as they really were? And did they participate in the fraud scheme on a more basic level by lending huge amounts of money to the Countrywides of the world, knowing that they in turn would immediately use that money to create the bad loans? In other words, did the banks finance the fraud in addition to brokering it?

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