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A McClatchy investigation has found that Moody’s punished executives who questioned why the company was risking its reputation by putting its profits ahead of providing trustworthy ratings for investment offerings. This is just more proof, if any still is needed, as to how our financial system has been corrupted. Moody’s promoted executives who headed its [...] American Casino movie trailer from Leslie and Andrew Cockburn on Vimeo. “American Casino is a powerful and shocking look at the subprime lending scandal. If you want to understand how the US financial system failed and how mortgage companies ripped off the poor, see this film.” Joseph Stiglitz, Nobel prize-winning economist It wasn’t just [...] Photo. qwrrty Creator of subprime monster ‘dismayed’ The computer programmer who created the original mortgage bundling software wonders how it ever got so crazy, saying “the software turned out to be more sophisticated than the people using it.” With billions of Option ARMs due for recast in 2009 and 2010 another crisis is on the making. But this time problems are expected to be more pronounced than the subprime crisis since the economy is already nearing its trough, the consumer confidence has slumped to an all time recent history low and financial [...] It’s too bad that tens of thousands more will be losing their jobs at Citigroup. The stock is cratering and Citi will cease to exist soon and then be scavenged by vultures. Citi wasn’t just stung by subprime, they had their birth in subprime. Sandy Weil built the empire starting with some real stomach-turning [...] There are some deeply nervous and scared investment banks on Wall Street about now, probably wishing they’d never heard the word “subprime.” “When they start using the Martin Act, you don’t run, you don’t hide, you don’t fight. You settle early, and often,” a veteran of an earlier round of Martin Act subpoenas told us. [...] Doug Henwood’s Behind the News broadcast on 1/24/08 on WBAI covers the subprime debacle in depth. One illuminating discussion covered race and subprime. In the 80′s-90′s, areas were redlined for race to prevent them from getting mortgages. Then the opposite happened. Those areas were deliberately targeted for abusive mortgages, even to the length [...] |  | ||||
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