Those zany banksters: Sold assets they called “shitbag”


Morgan Stanley sold toxic garbage to clients and apparently had a jolly good time choosing names for this slop. The names included “shitbag”, “subprime meltdown”, “nuclear holocaust”, and “Mike Tyson’s punchout.” They peddled this drek to trusting clients then shorted the securities they sold. Yuk, yuk, yuk. Are you are amused by the banksters as I am? This is almost as funny as when Goldman Sachs deliberately targeted unsophisticated clients and called them “muppets.”

What’s even funnier is how the curiously lethargic Obama Administration just can’t seem to find a way to prosecute banksters for their rather obvious criminality. The Obama / Geithner mantra for this failure to enforce rule of law is to proclaim that criminally prosecuting banksters would be bad for the economy when of course the opposite is true. The way to end the financial crisis is to let the diseased banks fail, jail the criminal banksters, then allow healthy institutions to replace them.

Don Corleone would be jealous at how well the banksters have corrupted Washington. Of course, hardly anyone in D.C. put up much of a fight, and instead simply welcomed the barbarians at the gates as their own.

ProPublica has all the details.