It can happen to anyone

The news that some of the richest people in the world got taken for more than $50 billion by stock market guru Bernie Madoff (Made-Off) should help answer the question we’ve often heard regarding the subprime mortgage debacle.
“Why would people be so reckless as to take mortgages that didn’t make sense financially?”
Implicit in that query, usually by Wall Street “pros’, was the assumption that anyone would be able to decipher financial transactions in the 21st century.
The last few years have been devoted to adding so many clauses of fine print and disclaimers that even the gamblers on Wall Street can’t keep track of the game they’ve been playing with other people’s money.
So if Mortimer Zuckerman and the Royal Bank of Scotland and Satander Bank can’t keep track of these schemes, then it is reasonable to expect that the welter of new mortgage products shoveled into minority communities would have been equally indecipherable.
Now that the folks who’ve been smugly passing judgment on the sub-prime victims have a sense of the deception and fraud which has flooded the entire financial infrastructure.
Hopefully, this will add to the public hue and cry for a rescue program that focuses on the homeowners, as well as auto workers who have been blindsided by the impact of the lawlessness in the markets.
A good start would be placing Madoff in jail, instead of being out on bail. I would think we would want the protection of bars, given all the people who have lost their life savings and had to shut down charitable foundations because of his collapse.


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