WHAT the .... is a CDO?

What will these guys say?

Will America be listening?

"James L. Should have let us go broke?"

Chuck Prince says today he didn't really understand CDO's

"Without the CDO losses, which totaled $30 billion over six quarters, Citigroup might have performed as well as any other bank during the financial crisis," Mr. Prince my heart goes out to you that you didn't sell your CIT stock at the high, just as I lost my pension in the Federal take-over of Wamu.

Mine Government's survey says:

1. 
   
   Complex loan products that consumers didn’t understand ( Americans were to dumb to read)
2. 
   
   Credit ratings failed to show the risks contained in subprime-backed securities ( FICO can be monekyed with and Moody's is and was out of touch with reality it wasn't Alt A or subprime that brought us down it was guys who bought toys with the inflated value of their homes) 
3. 
   
   .Lack of incentives for institutional investors to check- THIS IS THE NUMBER ONE REASON For FAILURE (they relied on the credit ratings; A 27 year old MBA pushed blocks of loans without having any- no make that ZERO training in the loan business. They had no clue that the most important thing is a face to face application whereby an employee meets and vouches for the real borrower- certify it was called)  
4. 
   
   Predatory lending and borrowing (this is a joke doing a loan to persons who are shakey or unworthy takes far more time to make up lies than honest mortgage banking. Borrowers got the scam ideas from advertisers who still run "get rich quick ads with real estate no money down just follow my tricks and pay for my seminar,"  its a cultural lie in America- we are  not entitled to win the lotto with no work ).
5. 
   
   Significant errors in the models used by credit rating agencies to assess subprime-backed securities.(Creative accounting/Models based on statistics that can be played with and modified. Harvard Business professors pontificated to students about such nonsense. Mathmatics Grad students repeated the corporate montra that any monkey can orginate a loan)

So what do you think they will say?

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BLACK MARIA DAY West Virginia

BLACK MARIA day in West Virginia



  I’m the great granddaughter and granddaughter of a Pennsylvania coal mining heritage. The Black Maria was the horse drawn wagon that pulled the dying or deceased from a mining accident. In a world dependant upon energy resources we know coal and shale mining are available minerals here in our home soil not dependant upon the volatility of the cartels in the Middle East or value of the Euro or even today the rising Canadian dollar from which we import crude at an increasing price.



   I hate taxes, but it is specific the taxes wasted on autocracy that does nothing but jabber and create regulation too late and targeted wrong. I ask who is working in a garage on some energy source which is here and recycled? Let’s spend a billion on developing and building a record find/ a real use in America.



   Dennis O’Dell speaks for the United Mine workers today and I can think of no words he can offer to the wives, the children, the loss of those who walk the parade behind the Black Maria today. May we all say a prayer for America to be strong and to seek answers.

Working on a story about the wooden bar in "Yee Mee Loo's" and the American Hotel.
Wondering if
some of my old Cooke's Crating Artists, musicians and writers
can offer some input if I send you a draft.