I read it on another discussion - They are bringing in the Federal
prosecutors to nail the naked shorts under RICO, something about they
constructed the Bear Stearns deal, and all this naked shorting is
organized crime at its best. I suppose there will be more news. I
have about 20 years of paralegal experience, some of it white collar
crime, lots of big corporations.
I can come up with a whole lot more going on than just naked shorts,
but the white collar guys who pulled off the mortgage crisis and the
credit crunch, they'll never be prosecuted. They're too high up on
the ladder, and people like that keep their faces out of the news.
They let the little guy take the hit.
I did some research on my own, just out of curiosity, about the credit
problem. I went into the Congressional Records and went back thru
the indexes, and when I got to about 1968, I found where all this
credit business started. Some guys in the old Nixon administration
cooked this up - and it took 30 years for it to come back and hit the
economy. I tried to talk to Congress about it, and as usual, they're
not interested in listening to the paralegal.
So I let it ride - but I showed the materials to a lot of university
researchers, and it was a little hard for them to believe it even
after they saw it in writing.
So I can prove it - because the guys who were in on the original deal
under Nixon, sold off their credit reporting agency during the last 6
months. I had written to them and had regular correspondence with
them for over a year - I told them at least 5 years ago they were
headed for a big problem - The CFO of this company called my home and
came unglued. Then when the credit crunch finally hit, they sold off
that division. So I guess I was right. They didn't want the
liability. The company was Marmon out of Chicago. They owned
TransUnion Credit as a subsidiary. They sold it - trying to get rid
of it.
TransUnion never reported credit ratings correctly, because they
bought their software package from Fair Issac. Fair Isaac cannot
predict credit scores - they're just guessing. I had a mathematician
look at the software - it was all entirely bogus. The credit crunch
came from Fair Isaac and their bogus math. Notice how nobody ever
asks "how are you calculating the credit scores?" They aren't
calculating anything - they sell bogus computer software to unwitting
credit bureaus and banks. The banks rated everybody too high - thus
the crash.
Lesson over.