{"id":7572,"date":"2009-03-24T07:20:14","date_gmt":"2009-03-24T14:20:14","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=7572"},"modified":"2009-03-24T07:20:14","modified_gmt":"2009-03-24T14:20:14","slug":"by-applying-cdss-to-cdos-did-aig-go-mia-or-could-the-sec-the-ots-and-one-unhired-cfo-have-kept-it-from-turning-up-doa","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7572\/by-applying-cdss-to-cdos-did-aig-go-mia-or-could-the-sec-the-ots-and-one-unhired-cfo-have-kept-it-from-turning-up-doa\/","title":{"rendered":"By applying CDSs to CDOs, did AIG go MIA? Or could the SEC, the OTS and one unhired CFO have kept it from turning up DOA?"},"content":{"rendered":"

A totally killer run down of the Wall Street mess from — you’ll never guess it — Rolling Stone<\/em> magazine:<\/a><\/p>\n

There are plenty of people who have noticed, in recent years, that when they lost their homes to foreclosure or were forced into bankruptcy because of crippling credit-card debt, no one in the government was there to rescue them. But when Goldman Sachs — a company whose average employee still made more than $350,000 last year, even in the midst of a depression — was suddenly faced with the possibility of losing money on the unregulated insurance deals it bought for its insane housing bets, the government was there in an instant to patch the hole. That’s the essence of the bailout: rich bankers bailing out rich bankers, using the taxpayers’ credit card.<\/p>\n

The people who have spent their lives cloistered in this Wall Street community aren’t much for sharing information with the great unwashed. Because all of this shit is complicated, because most of us mortals don’t know what the hell LIBOR is or how a REIT works or how to use the word “zero coupon bond” in a sentence without sounding stupid — well, then, the people who do speak this idiotic language cannot under any circumstances be bothered to explain it to us and instead spend a lot of time rolling their eyes and asking us to trust them.<\/p>\n

That roll of the eyes is a key part of the psychology of Paulsonism. The state is now being asked not just to call off its regulators or give tax breaks or funnel a few contracts to connected companies; it is intervening directly in the economy, for the sole purpose of preserving the influence of the megafirms. In essence, Paulson used the bailout to transform the government into a giant bureaucracy of entitled assholedom, one that would socialize “toxic” risks but keep both the profits and the management of the bailed-out firms in private hands. Moreover, this whole process would be done in secret, away from the prying eyes of NASCAR dads, broke-ass liberals who read translations of French novels, subprime mortgage Read more<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

A totally killer run down of the Wall Street mess from — you’ll never guess it — Rolling Stone magazine: There are plenty of people who have noticed, in recent years, that when they lost their homes to foreclosure or were forced into bankruptcy because of crippling credit-card debt, no one in the government was […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[251,29,8,26,5],"tags":[],"class_list":{"0":"post-7572","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-big-mother","7":"category-group-therapy","8":"category-investment","9":"category-lending","10":"category-real-estate","12":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":12039,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/12039\/the-next-bubble-to-burst-government\/","url_meta":{"origin":7572,"position":0},"title":"The Next bubble to burst: Government!","author":"Al Lorenz","date":"May 21, 2010","format":false,"excerpt":"I've been a bit slow on this one.\u00a0 I have been wondering what sector of the economy was going to over inflate and burst next.\u00a0 The answer has been right in front of me the whole time but the reason I did not see it very clearly is because I\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9645,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9645\/the-government-takeover-of-real-estate-is-well-underway\/","url_meta":{"origin":7572,"position":1},"title":"The Government takeover of Real Estate is well underway","author":"Al Lorenz","date":"September 5, 2009","format":false,"excerpt":"Earlier, there was a discussion of the possibility of a government takeover of real estate brokerages. We had a bit of a lively discussion about the possibility of a governmental takeover of real estate brokerages.\u00a0 But I'm here to tell you, it will never happen because in the end, the\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9794,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9794\/eliminate-the-government-option-for-a-healthy-mortgage-industry\/","url_meta":{"origin":7572,"position":2},"title":"Eliminate the Government Option For a Healthy Mortgage Industry","author":"Brian Brady","date":"September 19, 2009","format":false,"excerpt":"Most loan originators are grateful for the \"government option\" in the mortgage markets because of the liquidity crunch. I submit that the reason for the mortgage liquidity crunch was TOO much government involvement in housing and its increased involvement has ruined mortgage banking. That's going to be a hard concept\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9955,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9955\/thought-for-the-day\/","url_meta":{"origin":7572,"position":3},"title":"Thought for the Day","author":"Sean Purcell","date":"October 6, 2009","format":false,"excerpt":"\"Government is a necessary evil.\u00a0 And the greater the distance of the government from the effects of their decisions... the more evil government necessarily becomes.\" Comments? PS There are no bonus points for Googling the quote.","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10953,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10953\/its-not-enough-for-the-tea-party-movement-to-throw-the-bums-out-to-contain-the-federal-government-we-have-to-cut-its-powers\/","url_meta":{"origin":7572,"position":4},"title":"It’s not enough for the tea party movement to throw the bums out. To contain the federal government, we have to cut its powers.","author":"Greg Swann","date":"August 7, 2011","format":false,"excerpt":"[Back to the top from January 21, 2010. --GSS]\u00a0 What a delight it is that the citizens of Massachusetts have risen up against the federal leviathan. All across the country, the tea party movement is furiously aboil, angry Americans anxiously awaiting the opportunity to pull some levers in a voting\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11277,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11277\/we-are-all-on-welfare-now-the-governments-assistance-in-the-housing-market-now-is-less-about-giving-us-a-soft-landing-than-it-is-about-having-us-furiously-flap-our-arms-to-stay-aloft\/","url_meta":{"origin":7572,"position":5},"title":"We are all on welfare now: “The government’s assistance in the housing market now is less about giving us a soft landing than it is about having us furiously flap our arms to stay aloft.”","author":"Greg Swann","date":"February 11, 2010","format":false,"excerpt":"The Washington Examiner:The unspoken, bottom line: The federal government has already nationalized the housing industry. We're not just talking about Uncle Sam providing a few subsidies, or even taking over a few of the big players, as they have in the auto industry. This is a complete takeover. Every new\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/7572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=7572"}],"version-history":[{"count":1,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/7572\/revisions"}],"predecessor-version":[{"id":7573,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/7572\/revisions\/7573"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=7572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=7572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=7572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}