It really doesn’t get more damning than this…..
“Fraud As a Business Model”, the slides from her presentation delivered today to the Federal Housing Finance Agency’s Supervision Summit.
Unfortunately I don’t have audio… but the Powerpoint slides speak for themselves…
From one of the slides:
• Investment banks – securities fraud
• Mortgage lenders – widespread fraud
• Rating agencies – junk science
• CDO “managers” – crash test dummies & accomplices
• Certain hedge funds – shorted CDOs they “managed”
• Bond insurers – money for nothing
• Regulators – poseurs and enablers
You gotta love it… and you darn well should read it.
The presentation is brutal, it is spot-on, it encompasses it all.
And now, with it out there under the white-hot light of the public and presented to the government’s forum on housing finance supervision from one of the preeminent experts in the world of Structured Finance, there no longer is any excuse for the lack of action on these scams – from top to bottom.
Again, where are….