Thursday, July 9, 2009
Financial sleazebaggery: It’s ba-a-a-ck!
Posted by John Grooms on Thu, Jul 9, 2009 at 11:38 AM
This may seem completely unbelievable, but banks are getting back into the business of selling pure junk.
Bloomberg news service is reporting that in recent weeks, banks have been “taking so-called structured finance securities and turning them into new debt investments with top credit ratings.” And now, Morgan Stanley is getting set to revive the scam — there’s no other word for it — that triggered last year’s financial meltdown: repackaging shoddy mortgage loans as AAA-rated bonds.
That’s right, while the country still suffers from the effects of Wall Street’s insane, fantasy-based, sleazy deals, Morgan Stanley is singing the Beach Boys' “Let’s Do It Again.” Read the Bloomberg story linked here, but then be sure to e-mail or call Rep. Mel Watt of Charlotte, who sits on the House Financial Service Committee, and ask him how Morgan Stanley and their fellow sleazebags can get away with this kind of scam, and what he intends to do about it. Call him at (704) 344-9950 or (202) 225-1510; or e-mail him here.
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