feeling their pain. this is the biggest point drop that has ever been seen. we are in the midst of a serious financial crisis and the federal government is responding with decisive action. these guys have been gambling with the house money for years and it s our job to bail them out? the largest swindle in wall street history, and alleged 50 if you million dollar ponzi scheme by bernard madoff. you belong in jail, you criminal! the pardon is over. if there was any company that could make energy cool, it was enron. the texas energy broker treated electricity like any other commodity. it buys and sells billions of dollars worth of energy, every day. it s the largest company of its kind in the world. enron is a company that deals with everyone with absolute integrity. we play by all the rules and stand by our work. we mean what we say . ken lay was the original ceo, he ran enron when the company was created out of the merger of two pipeline companies. he seem
A whole series of loan products , peddling them aggressively to people who did not have the ability to pay those loans back. when they say sign here, sign here, and they tell you that they told you everything that s important about the loan, you think they have and you just sign. i just feel so stupid. the whole system was designed to go after people with marginal means and then to put them in the highest cost loan possible because those are the loans that paid the most fees. the banks didn t have to care anymore about whether the loan got paid back because the loan had been sold to wall street. instead of keeping the dicey loans in their own portfolios, the big banks and giant mortgage companies that were originally underwritten, sold them off to big investment houses. firms sliced the loans into
About the loan, you think they have, and you just sign. i just feel so stupid. the whole system was designed to go after people with marginal means and put them in the highest cost loan possible. because those are the loans that paid the most fees. the banks didn t have to care anymore about whether the loan got paid back because the loan had been sold to wall street. instead of keeping the dicey loans in their own portfolios, the big banks and giant mortgage companies that originally underwrote them sold them off to big new york investment houses. firms like bear stearns and merrill lynch sliced them into little is piece pieces, packaged them up and sold them as high yield mortgage-backed securities, turning sow s ears into silk purses. they would take a thousand, put them into a package and cut them into a thousand pieces and then sell the pieces as a much
Means and put them in the highest cost loan possible. because those paid the most f s fees. banks didn t have to care anymore about whether the loan got paid back because. the loan had been sold to wall street. instead of eep keeping the loans in their own portfolios, the big banks and giant mortgage companies that originally underwrote them sold them off to investment houses. firms like merle lynch sliced the loins into little pieces, package them up with investments and sold them to their best customers around the world as high yield mortgage backed securities. turning it into. silk purses. instead of buying one mortgage, they would take a thousand, put them into a package and cut them into a thousand pieces and then sell the pieces as a much safer investment. the idea was that all this it was diversified in 100 different ways. everybody had little pieces of it and therefore, if one of the little pieces went down, the