joG
DP Veteran
- Joined
- Jul 27, 2013
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- Independent
That banks were packaging up crappy loans that would never be repaid and selling them amongst each other to such an incredible degree that they were all trading in Monopoly money, essentially, and basing their asset reports on giant piles of Monopoly money. And using those asset lists as a basis for more lending.
and thanks to some wonderful deregulating, they were allowed to substitute your actual savings account dollars with Monopoly money if **** hit the fan. So the people they owed Monopoly money to would get your dollars in a bankruptcy, and you would get bailed out by the FDIC. If the FDIC had money, anyway, which it didn't.
Oh, I know the business they were doing in detail. It is just that I don't remember it was a French bank or their government that resisted it or whatever EUPete said. One could make the point that maybe it was the head of CDS at Deutsche, but the French?