OK Truthmatters

[Truthmatters]

you come here with personal insults and no facts.

noted

 

[Truthmatters]

what they did was lie to customers about what was in a product they sold.


That is how they Dumped the subprime risks while benifiting from the up front money they got from writing those loans.

Now how do you arrest someone for lying if there was no laws about lying to your customer?


that is why you see law suits seeking redress for the customers.


What do you charge the CEO with?

he can divert any lawsuit by saying he did not know about the practices his underlings at the bottom were doing at the time.


How are you going to win a case like that?

Now how do you arrest someone for lying if there was no laws about lying to your customer?

What was the lie?

They lied about the contents of the mortgage securities they sold.

they contained MORE sub prime risk than the banks told the securities buyers

 

[Toddsterpatriot]

you come here with personal insults and no facts.

noted

But enough about you.

 

[Toddsterpatriot]

what they did was lie to customers about what was in a product they sold.


That is how they Dumped the subprime risks while benifiting from the up front money they got from writing those loans.

Now how do you arrest someone for lying if there was no laws about lying to your customer?


that is why you see law suits seeking redress for the customers.


What do you charge the CEO with?

he can divert any lawsuit by saying he did not know about the practices his underlings at the bottom were doing at the time.


How are you going to win a case like that?

Now how do you arrest someone for lying if there was no laws about lying to your customer?

What was the lie?

They lied about the contents of the mortgage securities they sold.

they contained MORE sub prime risk than the banks told the securities buyers

Prove it.

 

[Rat in the Hat]

Why do I keep getting the impression that Truthmatters lost an assload of money buying sub-prime securities?

Did one of these smucks sell you some subprime mortgage bonds?
Or were you too dumb for a bank to hire?

 

[Truthmatters]

Citigroup Paying $285 Million To Settle Charges Of Misleading Buyers Of Mortgage Securities

 

[Toddsterpatriot]

Citigroup Paying $285 Million To Settle Charges Of Misleading Buyers Of Mortgage Securities

OMG! That's awful!
Wait, I thought you said there were no rules against lying to customers thanks to Bush?
Why did you lie?

 

[Truthmatters]

I didnt .

now how do you do more than what was done here in this case I showed

 

[Truthmatters]

I guess you guys lied when you said Obama admin did nothing to them huh?

 

[Truthmatters]

Now the facts are if the Broker rules had been in place the banks hired and trained brokers who hid the subprime in mortgage securities for the banks would have refused to do it.

Did they get prosicuted?

nope.

why?

there was no law that would target them for doing it.


They merely did what their employer ordered them to do because they didnt want to be fired.

If they had to be licsenced they would have refused to do it because they would be prosicuted too and lose their income by losing their licsence and not being able to work their job anymore.

 

[Truthmatters]

see not one person can successfully knock these facts down

 

[Truthmatters]

Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.

 

[Toro]

this is NOT about the tech bubble.

This is about the housing bubble that happened when there were NO broker rules.

You keep jsut saying "oh it only had a little effect".

You give NO facts or reasoning WHY these rules were held back for 8 long years leaving the brokers to be any fucking smuck the banks wanted to hire and train to do their bidding.

There bidding as we all now know was to roll subprime into mortgage securitites and sell them as triple A to buyers.

They cheated and LIED to make a quick buck and knew damned well at some point the bottom was going to fall out.

This is why you dont deregulate.


they fuck us every time we get talked into by the right that deregulation will be fine.


The people they say we should "just trust" never turn out to be trustable

Since you're demanding proof, why don't you prove your own statements?

Prove that the broker rules changed the way banks hired and trained people.

Prove that they knew the bottom was going to fall out.

We will wait.

 

[Truthmatters]

Dude the banks could not sell securities BEFORE GLB act

 

[Truthmatters]

They proved they KNEW the bottom was going to fall out because they began CHEATING securities buyers before it fell out

 

[Truthmatters]

Toro are you telling me you didnt see this mess coming?


I did

 

[Truthmatters]

Glass Steagal made it so the banks could not sell securities after the mess they caused in 1929.


this Gramm Leach bliley act ended that part of glass steagal.

dont you know that?

 

[Truthmatters]

uscitizen was all on top of this during the time it was building.

The guy is one smart cookie

 

[Truthmatters]

The Bush SEC made sure the broker rules written into LAW never were implimented for 8 long years.


The result was the banks didnt have to do anything but hire and train their new found brokers any way they wanted to.


no one made the brokers stick to decent practices.


That was what the right wanted

 

[Toro]

Toro are you telling me you didnt see this mess coming?


I did

Good for you. So did I. But most professionals did not. Most of them lost money.