I worked in risk management for a subprime VISA/MC issuer for 5 years till early 2005. We knew from portfolio studies that subbies typically run right up to their credit lines in 3-5 months from issuance. So, a strategy that commenced in late 2004, after we'd been majority-purchased by a Wall Street "bad paper" firm, went something like this (in E-Z round numbers to illustrate):

Market and book 100,000 new accounts, each with a credit line of $1,000. Shortly thereafter we'd have acquired a pool of debt obligations ("asset") with a present value of roughly $100 million. Bundle it up ("securitization") and sell the whole shitload for whatever the securities bidders would pay for its projected risk-adjusted future value.

Lather, rinse, repeat. Lather, rinse, repeat. Lather, rinse, repeat. Lather, rinse, repeat. Lather, rinse, repeat. Lather, rinse, repeat...

Lotta handsome fees to be had throughout, while we offloaded the debt risk to others down the line.

Financial musical chairs. This is what they've been doing across a breadth of debt instruments. Works fine -- until it no longer does (which is where we are now).

Nuthin' but Lexuses in the executive covered parking area at our bank. They fucking laughed at the chump customers' financial ineptitude.

I had to quit. It sucked.

"...uhhh...'bout last night...I ain't no queer...'

"Craig is a victim."

BULLSHIT.

"We're all to blame."

BULLSHIT.

This arrogant and harmful hypocrite is getting exactly what he deserves.

"it's just plumb un-American to convict this guy the way he's been convicted here and everywhere else."

Yeah, like, say, in a COURTROOM -- wherein he pled guilty?

"All they've got is the word of one anonymous police officer."

No, the sworn, written attestation of one publicly named police officer.

"Would you want to lose everything on those grounds?"

Well, were I innocent, I'd have certainly not copped a plea, I'd have fought to clear my name.

You cannot be serious.

I would speculate that the official transcript of the Senator's actual court appearance is a public document, and therein we could learn the specifics of just what overt acts comprised his "mere disorderly conduct."

Wanna bet that the guilty plea agreement confirms essentially what was initially alleged in the arrest report? 'eh?

He thought he was oh-so quietly making this go away. He never even told his wife about his predicament.

He bet wrong.

of these cheap trinkets and consumables, is, what? Maybe a couple of bucks at best?

And, then, where does the rest of the thirty bucks go?

Asked and answered.

Paraphrasing a Supreme Court nomination fight of long ago: "even the stupid people deserve representation."

LOL!

"He is undoubtedly guilty of disturbing the peace, nothing more..."

YOU can know this without any doubt, from afar, and better than the criminal justice system that vetted his case.

Right.

"They had nothing before the storm anyway, so things are working out nicely for them."

- Babs

I think we need to mount a widespread astroturf disinformation campaign urging Larry Craig to stand and fight and not give in to mounting GOP calls for his resignation. Keep this millstone around the collective GOPerv neck into next year.

He copped. And told no one, hoping he'd slip past it unnoticed. He should not be holding public office. End of debate.

"There's a debate in our country whether that's true or not."

_____

Somehow, despite my political junkie best efforts, I was not aware of this raging domestic debate. Silly me, I just assumed it was blindingly obvious.

I guess this is why Bu'ush is President and I am not. The astute perspicacity thing.

Don't let the stall door hit'cha in your wide stance on your way back to your own private Idaho.

Inarticulate incoherent dilettante crass idiot slob who thinks he's Savior of Humanity. Depressing.

"You will adore me. That's an order."

GWB, Commander in Thief

http://www.bgladd.com/The_Disgracer_in_Chief.jpg

http://www.bgladd.com/Stay_the_Corpse.jpg

Equivalent in this context to "impressment."

No contest. The Wire.

"Oderint dum metuant."

The prevaling Bu'ush / PNAC ethos.

"Let them hate, so long as they fear."

When the fear part doesn't pan out, you'd think these clowns would get the memo, but, no, to them it just means 'apply more force.'

Good thread today. Great observations.

Ripping off Oscar Levant:

"So, Bill, if you had it to do all over again, would you still fall in love with yourself?"

'eh?

because they had dinner reservations at Sylvia's.

http://www.bgladd.com/Stay_the_Corpse.jpg

Living up to this:

http://www.bgladd.com/The_Disgracer_in_Chief.jpg

That is a great idea.

Unfortunately, there will probably be a phalanx of Bu'ush brownshirts keeping the rabble out.

http://www.antiwar.com/photos/ali.jpg

"Socialized medicine" for poor childrens: BAD!

"Platinum-plated lifetime comprehensive "socialized medicine" for Bu'ush himself: GOOD!

Simple. Unlike Iraq.

Hillary, that is. That would be the guaranteed upshot of a Dobson 3rd party intitiative in the wake of Rudy's nomination. Much as I dislike her, I'd settle for that. Guiliani is no good.