Legitimate Rackets

[Tunnelcat]

Ever wonder why most of the Wall Street bankers who were involved in the home mortgage securitization fiasco, which directly led to the 2008 Great Recession, were never prosecuted or even thrown in jail? Ever wonder why most white collar criminals rarely get thrown in jail in general? This is a pretty good theory.

https://www.bloomberg.com/news/articles ... lub-review

Did these guys learn their lessons from 2008? Nope, they just moved into other nefarious schemes, mainly subprime auto loan securitizations. This scheme has a far worse outcome for the consumers who default on these loans than just losing their homes.

https://www.nytimes.com/2017/06/18/busi ... prime.html

The same side effect of ruining the economy still applies. Everyone's screwed, again.

https://www.bloomberg.com/news/articles ... r-driveway

[callmeslick]

actually, unless they toss out the laws around capitalization levels for major banks, they will hold up fine. As for dubious 'subprime' loans, it damned well ought to be Caveat Emptor at this point. Let's face it, those with the money are going to extract profits from those who need the resources. There has to, at some point, be a two way street of public education and awareness, and then, perhaps, bad law won't be passed, bad practices won't go unnoticed.