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Thread: SEC employees surfed porn as economy fell

  1. #41
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    Re: SEC employees surfed porn as economy fell

    What is amazing is that many government computers have filters that block this sort of stuff. I know friends who were trying to access the women's tennis results at the Australian Open get blocked on a DOJ computer because the front page had "Sex" (ie men's and women's divisions)

    Same for the olympics. and if you got a blocked notice there was a note that all attempts to access that site were "logged and recorded"

    yet the SEC computers allowed porn surfing



  2. #42
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    Re: SEC employees surfed porn as economy fell

    Quote Originally Posted by obvious Child View Post
    Keep going. This place hasn't had this level of entertainment lately.

    1) You have no understanding of what a CDS is
    2) You have no understanding of how firms are related
    3) You have no understanding of what rating agencies do
    4) You have no understanding of securitization is
    5) You have no understanding of how credit flows in the country
    6) You have no understanding that the GOP now is not Bush
    7) You have no understanding that 1% of the economy cannot bring about a recession

    I can keep going. I ask you questions and you never answer them. What does that suggest about your level of knowledge?

    I bet you cannot even explain my arguments.



    One truly must wonder if you can read. You accused me of saying Bush was at fault for the entire mess. What I stated was Bush was a fault for the massive cuts to the SEC. How you think that is the same thing, I don't know. But I'm literate. Not so sure about you.

    And you call me illiterate? As I said, all you have is double speak, mind reading and insults to bring to an argument.
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  3. #43
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    Re: SEC employees surfed porn as economy fell

    Quote Originally Posted by apdst View Post
    And you call me illiterate? As I said, all you have is double speak, mind reading and insults to bring to an argument.
    lol. Amusing. Well, thanks for the kicks and giggles. I'm sure a bunch of people are going to have a laugh at you.

    Btw, just because you don't understand something doesn't make it double speak.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  4. #44
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    Re: SEC employees surfed porn as economy fell

    Quote Originally Posted by 61 Electric Bron-Yr-Aur View Post
    They benefit by mistakes made by idiots. Good for them.
    Especially good for Paulson, but bad for the idiots who trusted Goldman Sachs recommendation without full disclosure of Paulson's part in selecting securities. Yeah, what dummies they were.


    Quote Originally Posted by 61 Electric Bron-Yr-Aur View Post
    I'm pretty sure the men of Wall Street weren't the imbeciles making 40K a year clamoring for a loan for a 1 million dollar house. Wall Street just gave them what they wanted.
    No, the imbeciles were the bankers granting loans to people they knew were unqualified while helping them manufacture and falsify loan documents so they could approve the loans. Then they packaged them and sold them to unsuspecting investors, spreading toxic loans throughout the financial system. Guess they didn't count on it affecting them, huh?


    The 18-month investigation by the Senate Homeland Security and Governmental Affairs subcommittee found that WaMu's lending operations were rife with fraud, including fabricated loan documents. It concluded that management failed to stem the deception despite internal probes.

    The bank's pay system of rewarding loan officers and sales executives for their volume of loans closed ratcheted up the pressure, the investigators found.
    Ex-WaMu execs defend bank's actions before failure - Yahoo! News


    In some cases, sales associates in WaMu offices in California fabricated loan documents, cutting and pasting false names on borrowers' bank statements, the panel found. The company's own probe in 2005, three years before the bank collapsed, found that two top producing offices — in Downey and Montebello, Calif. — had levels of fraud exceeding 58 percent and 83 percent of the loans. Employees violated the bank's policies on verifying borrowers' qualifications and reviewing loans.

    At WaMu, getting the job done meant lending money to nearly anyone who asked for it — the force behind the bank’s meteoric rise and its precipitous collapse this year in the biggest bank failure in American history.

    On a financial landscape littered with wreckage, WaMu, a Seattle-based bank that opened branches at a clip worthy of a fast-food chain, stands out as a singularly brazen case of lax lending. By the first half of this year, the value of its bad loans had reached $11.5 billion, nearly tripling from $4.2 billion a year earlier.

    Interviews with two dozen former employees, mortgage brokers, real estate agents and appraisers reveal the relentless pressure to churn out loans that produced such results. While that sample may not fully represent a bank with tens of thousands of people, it does reflect the views of employees in WaMu mortgage operations in California, Florida, Illinois and Texas.

    Their accounts are consistent with those of 89 other former employees who are confidential witnesses in a class action filed against WaMu in federal court in Seattle by former shareholders.


    According to these accounts, pressure to keep lending emanated from the top, where executives profited from the swift expansion — not least, Kerry K. Killinger, who was WaMu’s chief executive from 1990 until he was forced out in September.

    Between 2001 and 2007, Mr. Killinger received compensation of $88 million, according to the Corporate Library, a research firm. He declined to respond to a list of questions, and his spokesman said he was unavailable for an interview.

    During Mr. Killinger’s tenure, WaMu pressed sales agents to pump out loans while disregarding borrowers’ incomes and assets, according to former employees. The bank set up what insiders described as a system of dubious legality that enabled real estate agents to collect fees of more than $10,000 for bringing in borrowers, sometimes making the agents more beholden to WaMu than they were to their clients.

    WaMu gave mortgage brokers handsome commissions for selling the riskiest loans, which carried higher fees, bolstering profits and ultimately the compensation of the bank’s executives. WaMu pressured appraisers to provide inflated property values that made loans appear less risky, enabling Wall Street to bundle them more easily for sale to investors.

    .....

    By 2005, the word was out that WaMu would accept applications with a mere statement of the borrower’s income and assets — often with no documentation required — so long as credit scores were adequate, according to Ms. Zaback and other underwriters.

    “We had a flier that said, ‘A thin file is a good file,’ ” recalled Michele Culbertson, a wholesale sales agent with WaMu.
    http://www.nytimes.com/2008/12/28/bu...ewanted=1&_r=1
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  5. #45
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    Re: SEC employees surfed porn as economy fell

    Quote Originally Posted by 61 Electric Bron-Yr-Aur View Post
    They benefit by mistakes made by idiots. Good for them. The only ones you can have an enmity towards are the Madoffs of the world.

    I'm pretty sure the men of Wall Street weren't the imbeciles making 40K a year clamoring for a loan for a 1 million dollar house. Wall Street just gave them what they wanted.
    Yes, and then packaged those subprime mortgages as good assets, then bet that they would fail, and ran chuckling to the bank.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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    Re: SEC employees surfed porn as economy fell

    Living within ones means ring a bell?

    If those moronic peasants weren't trying to buy houses their checks couldn't cash, none of those problems would have happened.

  7. #47
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    Re: SEC employees surfed porn as economy fell

    Quote Originally Posted by 61 Electric Bron-Yr-Aur View Post
    Living within ones means ring a bell?

    If those moronic peasants weren't trying to buy houses their checks couldn't cash, none of those problems would have happened.
    A lot of those "moronic peasants" made a pile of money trading houses before the crash. Give them a chance to gamble with someone else's money, and they will.

    Give me someone elses' money, with a I win, I win, I lose, you lose sort of deal, and I'm there, at the casino.

    Wouldn't you be?
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

  8. #48
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    Re: SEC employees surfed porn as economy fell

    Quote Originally Posted by 61 Electric Bron-Yr-Aur View Post
    Living within ones means ring a bell?

    If those moronic peasants weren't trying to buy houses their checks couldn't cash, none of those problems would have happened.
    Care to explain to me how subprime loans, which in themselves are an immaterial portion of the economy could have caused these problems without the securitization of such assets and the purchase of such assets in vast numbers by investment banks often with leverage?
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: SEC employees surfed porn as economy fell

    Quote Originally Posted by obvious Child View Post
    Care to explain to me how subprime loans, which in themselves are an immaterial portion of the economy could have caused these problems without the securitization of such assets and the purchase of such assets in vast numbers by investment banks often with leverage?
    Without the folks clammoring for houses they couldn't afford, none of that ever happens. It was stupidity on both sides, and the government does nothing to help the situation when they bail folks out. First "too big to fail" that fails gives banks more incentive to take less risks than more regs ever will.

  10. #50
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    Re: SEC employees surfed porn as economy fell

    Quote Originally Posted by 61 Electric Bron-Yr-Aur View Post
    Without the folks clammoring for houses they couldn't afford, none of that ever happens.
    I see no explanation how an immaterial portion of the economy could have caused this problem. Why? Obviously because you are wrong.

    First "too big to fail" that fails gives banks more incentive to take less risks than more regs ever will.
    Perhaps, hence why the motive to break them up before they get that big does have merit.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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