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Spitfire of ATJ

(32,723 posts)

20. The banks were bundling mortgages to back securities that S&P gave a AAA rating...

Reply to OnlinePoker (Reply #15)

Wed Oct 10, 2012, 03:36 AM

Oct 2012

....then they did what they called a "credit default swap" thus betting they would fail.

Soon after it was revealed S&P knew this and was bribed to overrate the securities they downgraded the United States credit rating. They figured any prosecution of their part in the mortgage fraud could be spun as a witch hunt in retaliation.

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Highlight:

U.S. Charges 530 in Mortgage Probe With $1 Billion in Losses [View all] banned from Kos Oct 2012 OP

This is good, naaman fletcher Oct 2012 #1

Actually, ARE charging the bankers: dixiegrrrrl Oct 2012 #8

Naturally... And it doesn't happen overnight. The thieves have no chance to escape this. freshwest Oct 2012 #12

I know of no civil cases that have been more than a financial triviality in decades progree Oct 2012 #16

I do not call your viewpoint cynical... dixiegrrrrl Oct 2012 #23

Those are civiil charges naaman fletcher Oct 2012 #21

More of this, please -- Hell Hath No Fury Oct 2012 #2

I thought maybe they had actually gone after the banksters... NYtoBush-Drop Dead Oct 2012 #3

I hope this includes the deceptive and predatory mortgage lending BEFORE the bubble burst progree Oct 2012 #4

Looks like a good start. byeya Oct 2012 #5

Keep it up. McCamy Taylor Oct 2012 #6

And this is October 2102 and not June 2008 because? MarinCoUSA Oct 2012 #7

"why so long to crack this up? " dixiegrrrrl Oct 2012 #9

And 73,000 homeowners who lost their homes are scattered to the wind. Herding cats. freshwest Oct 2012 #13

The question is, should they have been in those homes in the first place? OnlinePoker Oct 2012 #15

I didn't go for it, but I remember the intense advertising for those loan deals. freshwest Oct 2012 #17

Actually, while the mess may have started from sub-prime loans dixiegrrrrl Oct 2012 #18

The banks were bundling mortgages to back securities that S&P gave a AAA rating... Spitfire of ATJ Oct 2012 #20

Sounds like a good start, but I wonder how long it will take Fox "news" to say it was done for... Up2Late Oct 2012 #10

I know someone who was renting a house and the owner got sucked in by that sub-prime crap... Spitfire of ATJ Oct 2012 #11

NICE! Up2Late Oct 2012 #14

Nice to see DU members pissing all over this administration's good work. nt Comrade_McKenzie Oct 2012 #19

Nice to see the DU Thread Nazis with nothing substantive to add except to crap on their fellow progree Oct 2012 #22