“How did things go so badly? The simple answer: greedy, fat cat investment bankers who used these complicated derivatives no one could understand to leverage themselves, make tons of money at the expense of the typical mortgage holder, and who will never experience any down side from their profligacy.” economist.com, 9-23-2008

These “Masters of the Universe” that created this chaos will ultimately down the road profit in some way off of the very mess they created. It always works that way.”

“Despite steep declines in the performance and stock price of the three companies, Mr. Mozilo (CEO of Countrywide Financial), Mr. O’Neal (Merill Lynch CEO), and Mr. Prince (Citicorp CEO) were rewarded generously.” “… Mr. Mozilo (Countrywide CEO) received over $120 million in compensation…” “Also Mr. Mozilo (Countrywide CEO) received over the past 5 years a total of $391.88 mil.” “…Mr. O’Neal (Merrill Lynch CEO) departed with…$161 million…” “…Mr. Prince (Citicorp CEO) was awarded a $10 million bonus, $28 million in unvested stock and options, and $1.5 million…upon his departure from Citigroup.” oversight.house.gov 2008 & forbes.com

Ready to throw up yet folks?

These mega bankers are the elite of the world and will remain so. Whatever seeds of corruption they plant for others their personal harvest will still be bountiful. The banks rule the world. Even when this depression finally sets in for real these worms will ride the surf, smile and profit.

“…the Mortgage Banker Association is here for the banks, not the people.” “They would throw your grandma under the bus as they foreclose on her home and kick her to the curb in a heart beat.” loanworkout.org, 1-20-2008

The following below is a good explanation and summary written by the venerable Gary North. Well worth reading and absorbing.

Gary North, lewrockwell.com/north, 12-19-7 - “This is the domino effect. The subprime mess cannot be contained. It is like an untreated cancer cell. It will spread.” “If they (banks) knew about the fraud, they should have to buy the bonds back.” “…this bubble is like no other in my lifetime. It is tied to housing, and the entire Western world has been affected.” “The economic losses are gigantic and will grow.”.” “…has sucked in the best and the brightest people on earth, those who allocate capital. They trusted Alan Greenspan. They trusted artificially low interest rates. They trusted fiat money. That trust has been betrayed, as always. But this time, it has been betrayed on a scale that puts the world's banking system at risk. The bailouts have only just begun.”

Gary North, lewrockwell.com/north, 2007

But don’t you worry folks. The perpetrators of this financial crisis will be guaranteed to profit as I stated earlier.

“Golden parachutes here to stay” “…those hoping for an end to golden parachutes - the large pay packages that top executives get when they leave a company - may end up disappointed.” "We're not abrogating contracts," said a Treasury official who briefed reporters Sunday.” “Another Treasury official said that even future golden parachutes could be paid…” CNNMoney.com, 9-28-2008

David Vaughn
Gold Letter, Inc.
David4054@charter.net
9-29-2008

Ugly "front and centre!" To quote Jimmy, "whores all!"

RUF