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February 14, 2009

Dry those crocodile tears

Borrowing a line from “Seinfeld,” I would tell the bankers who are apologizing so insincerely now that the heat is on, “Stuff your sorries in a sack, mister.”

Lynne Weidmaier
Overland Park

Comments

whispering_to_kc

"What I don't understand is how the lender found some one to sell it to ..."

CNBC is running a special on the current mortgage mess. "House of Cards".

I've only caught portions of the show with several of its showings but what I have seen of it only confirms what I thought all along.

The root of the current mess is with the Wall Street financial engineers who "designed" the new lending vehicles (designed to artificially "remove" risk) and the ratings agencies who rated them as sound. The ratings agencies were financially motivated to rate the loan "products" as investment grade when they were anything but.

The segment on "Daniel Sadek" might be all of the report you have to watch to understand everything.

We're all arguing about how fat the bankers' pay packets should be. We should really be watching them frog march off to jail instead.

Stifled Freedom

Actually it was George Castanza who said "stuff your sorries in a sack", but his character still compares well to the Wall Street losers....I mean bankers.

Engineer

whispering_to_kc
In all seriousness, I can understand how someone can take out an interest only loan with a big balloon with the idea of flipping it at a profit before the balloon matures. I can understand why someone would make such a loan, understanding what the borrower intended, but intending to sell the loan at a profit before the "flip". What I don't understand is how the lender found some one to sell it to when everyone must have understood everyone else's motives.

TinaMcG

Yeah, and speaking of sorries and sacks, let's teach those bastids a thing or two about shrinkage, too.

whispering_to_kc

The Wall Street bankers brought economic collapse down on the world through their alchemy of engineered financial "products" and salesmanship. They've wiped out the savings and retirement funds of tens of millions of people, caused social unrest and brought down governments.

But really, their only mistake was in sticking around just a little too long trying to pick up a few extra dollars for themselves before the scheme fell in on itself.

A sorry sack? How much more must the bankers suffer than they already have?

Lynne is a godless communist.

BudRog

When are Barney and Chris those sorry bustards going to apologize to all of us?

 
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