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October 15th, 2008

The backstories for what follows are:

Wall Street Chop Shop

Unloading Toxic Waste Mortgage Backed Securities: “We Americans Were Very Clever”

Here’s part of an email that I sent to someone a couple of days ago:

I’ve never been as close to honest to god mobsters as I was when I was

contracted out to [Wall Street firm]. No shit, pinky ring wearing,

Hey-Tony, fuggetaboutit mobsters.

When that stuff went down, the night before the paper dump… And no law

enforcement was involved in the investigation. Man, that was it. You

just knew that this was going to be handled off the books.

So, if I hadn’t seen that stuff at [Wall Street firm], I might think, “Maybe, maybe

not,” about that Jim Willie story. But I believe it. Oh yeah.

Why aren’t more people saying what they saw inside [Wall Street firm]??? The IT

contracting team that I was involved with was literally one step above

janitorial level in that thing and I COULDN’T BELIEVE what we wound up

seeing. Where are the stories???

I’m not the only one who’s afraid to talk.

Well, I’ve told what I know, but I haven’t linked the name to it.

The feds/anyone looking to get even won’t have to look far to find A LOT

of people who knew what happened. The front-line managers in that chop

shop were up to their eyeballs in it.

…

A big component of this thing is 100% criminal activity. [Wall Street firm] knew

the loans were going to bogus applicants…

…

And now Unkle $cam comes along to make it all better with the confetti

paper. HAHAHA

Via: Yahoo Tech Ticker:

The day after the news about a watershed change in American capitalism, the story behind the story of how Hank Paulson forced the nations top 9 banks to take capital is coming to light.

After a discussion of the state of the banking system and U.S. economy, the bankers were then unceremoniously handed a one-page term sheet outlining Paulson’s plan. The bank CEOs “weren’t allowed to negotiate,” The WSJ reports. “Paulson requested that each of them sign. It was for their own good and the good of the country, he said, according to a person in the room.”

In sum, Hank Paulson made the bank CEOs an offer they couldn’t refuse — like a present-day (and real) Don Corleone.

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