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David Barron

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Sunday, 19 October 2008
It's Time To Bring Justice To Those Who Were Responsible For The Toxic Paper Crisis

What I'm talking about is junk paper like ABCPs, CDOs and Credit Default Swaps. Those products would have normally been sold to collection agencies as bad debts. However, they were misrepresented as low risk securities and sold to other financial institutions for a good commission.

The FBI is busy investigating bankrupt Lehman Brothers to find out who were the main instigators of the biggest investment fraud in U.S. history.

Shall we go over again some of the big names involved in the subprime financial crisis. They are listed in a blog entry below: Stanley O'Neal, former CEO of Merril Lynch,  Charles Prince former CEO of Citigroup, Richard Syron, former CEO of Freddie Mac, James Cayne, former Bear Stearns CEO, Fannie Mae former CEO, Daniel Mudd, former Lehman Bros. CEO, Richard Fuld, Wachovia CEO, Ken Thompson, AIG CEO, Martin Sullivan.

Remember those names when you look at your retirement savings plan or loan application.

Merrill Lynch and Citigroup have already been fined for their participation in this scam. The paper trail of the individuals behind this debacle have to be exposed to the public.


 


Posted by qualteam at 8:46 PM EDT
Updated: Sunday, 19 October 2008 9:33 PM EDT

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