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(Me) Retired Military Patriot 1:33AM
Even though I’m sure that these clever scam artists have had plenty of wealthy lawyers help them cover their tracks, there has to be a lot of fraud involved with this whole mess. I’m not nearly informed enough to tell you the specifics although one small and simple example would be the Internet companies that helped lone applicants prove jobs and income that didn’t exist including even pretending to be the employer.
@Kathleen L. 6:25PM
What makes these securities worthless is the fact that people were encouraged to fib just a little to qualify for the loan -- and they went along with it. If enough people do that, the little fibs add up to one giant fraud.
@Anon 12:57PM
This is not about money and the market. This is about human beings.
Since I first raised it, it took 18 hours for someone to stop talking about technicalities and definitions to mention fraud again. It took another six hours more for someone to mention the real price to humans of this level of greed. Doesn’t that tell us something about the underlying problem? Playing with people’s lives whether through war or money should not be lost in cool technical discussions.
It is this kind of detachment that has made life miserable for millions and millions of people. And since this is posted late, the technical commenters will probably not read this and some might not care even if they do.
