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A Senate subcommittee report about the subprime implosion is expected to release emails and...

A Senate subcommittee report about the subprime implosion is expected to release emails and other documents that could expose Wall St. firms to more litigation. CDOs, Goldman Sachs (GS), Morgan Stanley (MS) and Deutsche Bank (DB) are expected to feature prominently, sources say. (previous)
Comments (9)
  • spald_fr
    , contributor
    Comments (2705) | Send Message
     
    I hope Blankenfein (C-GS) and Carl Levin (D-MI) tangle again in testimony. Last time they met, Blankenfein admitted short selling the mortgage programs while promoting their clients to invest. Watta crook.
    3 Apr 2011, 01:16 PM Reply Like
  • wyostocks
    , contributor
    Comments (7629) | Send Message
     
    I hope the report contains a section on Fanny and Freddie. They had as big if not bigger role in this than the banks.
    3 Apr 2011, 01:44 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4845) | Send Message
     
    Wyo

     

    I will be surprised if there is anything in a report coming out of Congress that would implicate anyone in Congress or their bastard children Fannie and Freddie which they did not want to claim once the housing market hit the rocks.

     

    Maybe that is the litmus test for the fairness and accuracy of the report. If Congress and F&F are not implicated then it is just a hit job.
    3 Apr 2011, 03:49 PM Reply Like
  • wyostocks
    , contributor
    Comments (7629) | Send Message
     
    Amen Bro, another whitewash job( I hope that I'm not attacted by the PC mob)
    3 Apr 2011, 06:35 PM Reply Like
  • surfgeezer
    , contributor
    Comments (6699) | Send Message
     
    Fannie and Freedie been around a long time, it was the deregulation of the rules on who could qualify that drove the implosion.
    4 Apr 2011, 12:35 AM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4845) | Send Message
     
    surfdude

     

    I know. The point is that Congress created these Frankensteins and jacked around with underwriting and ultimately they directly or indirectly moved almost every friggin mortgage in the economy on to the Fed's balance sheet which means the taxpayer owns those damn things.

     

    Technically what happened is that the Congress gave an implicit guarantee to these quasi FI's which they thought would keep them off the hook but they were really just engaging in the same off balance sheet gymnastics that a number of stupid corporations have engaged in the past 20 years like Citi and Enron although Enron was extreme. Because nobody believed that Congress did not own their performance and would ultimately back them up and when Congress tried to disown them as the housing market blew up those bastard children were brought to their front door along with their luggage and Congress had to let them in.

     

    Now how do you like them?
    4 Apr 2011, 01:22 AM Reply Like
  • Lakeaffect
    , contributor
    Comments (976) | Send Message
     
    Hopefully there will be a bailiff there to cuff these guys and haul them off to the klink as each is finished talking.
    3 Apr 2011, 02:27 PM Reply Like
  • 7footMoose
    , contributor
    Comments (2266) | Send Message
     
    Jeez, if this is true then this will be the first time that BofA has NOT been in the cross hairs.
    3 Apr 2011, 02:28 PM Reply Like
  • Monngie
    , contributor
    Comments (928) | Send Message
     
    Must be some strange alignment of the planets.....Monngie agrees with you. No, I haven't taken my meds so there must be something wrong with all of us eh? Hell, somebody ought to go to jail. Trouble is I don't think they have enough plush accommodations to incarcerate them all.
    4 Apr 2011, 12:06 AM Reply Like
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