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Expert on Structured Finance and Derivatives:
Rampant Fraud and Ponzi...
Please rate subscribe and pass on.
Thank you and Wake Up! (And don't let them tell you are an alien for seeking the truth).
Expert on Structured Finance and Derivatives: Rampant Fraud and Ponzi Scheme Caused Crisis
Janet Tavakoli is one of the foremost experts on structured finance and derivatives. Tavakoli made an outstanding presentation to the IMF last week on the fraud which led to the financial crisis.
Tavakoli was kind enough to send me a summary of the IMF presentation (and to give me permission to reprint the summary).
Making many of the same points that William K. Black (senior S&L regulator and professor of law and economics) has made about fraud and the big picture of what has occurred in the current as well as the S&L crisis - see this and this - Tavakoli told the IMF:
Wall Street gave mortgage lenders large credit lines (similar to credit card debt) and packaged the loans into private-label residential mortgage backed securities (RMBS). Most of the RMBS was rated AAA ... But many RMBSs were backed by portfolios comprising risky fraud-riddled loans. Most of the AAA investment was imperiled, and subordinated investment grade components were worthless. Wall Street disguised these toxic investments with new value-destroying securitizations and derivatives.
Meanwhile, collapsing mortgage lenders paid high dividends to shareholders (old investors) and interest on credit lines to Wall Street (old investors) with money raised from new investors in doomed securities. New money allowed Wall Street to temporarily hide losses and pay enormous bonuses. This is a classic Ponzi scheme...
A large share of certain banks tax-subsidized profits is due as reparation to unsophisticated investors, the U.S. taxpayers...
By the end of 2006, public reports of implosions of large mortgage lenders eliminated CEOs plausible deniability. By January 2007, many (including me) publicly challenged the failure to account for losses. Instead, toxic securitization accelerated in the first half of 2007—classic malfeasance as a Ponzi scheme collapses...
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Will a second stimulus effect what is going on right now?I know they can't keep printing money but will another stimulus stave off the imminent dollar collapse,maybe for 6 months?
what you need to think about is derivatives has all the money in the world leveraged by 100 times , the dollar right now is worth 0.06 cents and all other money is valued by the dollar, now you need to buy your long range food
I'm sorry its not .06 cents , in 1913 money .04 cents would buy what 1.00 would buy in 2008, given that the dollar is worth 2.3667 cents today and falling fast, I would say by Christmas it will be -3.278 I will send you a web site to look for your self.
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The time to buy long range food stocks was during the last year...
YT: Ascension