dagblog - Comments for "Taking predatory lending to a whole new level"

Good story. I would guess

Emma Zahn — Mon, 04 May 2009 01:44:22 +0000

In reply to Taking predatory lending to a whole new level

Good story.

I would guess the young cousin does not even know where the mail room is located and maybe not even what it is.

Met a young hedge fund

DKC/Feral Cat — Mon, 04 May 2009 00:59:07 +0000

In reply to Taking predatory lending to a whole new level

Met a young hedge fund manager the other night. He looked about 20, but probably was 28. His cousin proudly introduced him and said, "He gets 8%." Unfortunately, I wasn't in a mood to put on my "interested good natured friend" persona on.
So I said, "Why do we need hedge funds? People like Joe Stiglitz says we don't need them. We can make due with venture capitalists for funding new businesses."
He said, "Oh, we determine what is a good company and bad. You need us."
I said, "I think I'll go with Joe Stiglitz".
He rolled his eyes.
I said, " Oh, so you think you are smarter than Stiglitz?"
"Yes," he said.
"Gotta run," I said.
Footnote: Since my friend is the granddaughter of the head of Morgan Guaranty Trust, I'm guessing her young cousin didn't work his way up from the mail room.

Canadians at their

quinn esq — Sun, 03 May 2009 20:31:18 +0000

In reply to Taking predatory lending to a whole new level

Canadians at their cruellest.... ;-)

Quin, be careful, please,

Faroff — Sun, 03 May 2009 15:37:56 +0000

In reply to Taking predatory lending to a whole new level

Quin, be careful, please, when you use the expression "eh" around Yankees. A few years ago some friends and I were catching an Air America flight (Scare America). One friend's ticket was for seat 7C, an isle seat, but he wanted a window. His conversation with the female ticket agent went like this:

Friend: " My ticket says 7C, is that an aisle ?"

Agent " eh "

Friend " No, it says seat C. "

(by now the Agent has caught on, and her Canadian humor has kicked in"

Agent "eh"

My friend then handed her the ticket and asked "isn't this an aisle seat, it says 7C? "

Agent She handed it back and said "eh"

Well, it went on like that for quite awhile, other friends behind us were giggling, and some one asked who was on first. The agent never cracked a smile, but eventually gave him the window seat.

What a world we live in!

TheraP — Sun, 03 May 2009 06:31:29 +0000

In reply to Taking predatory lending to a whole new level

What a world we live in! Thanks, Emma.

Agreed. Regulations will

Emma Zahn — Sun, 03 May 2009 03:28:17 +0000

In reply to Taking predatory lending to a whole new level

Agreed. Regulations will have little affect on people who are so determined to circumvent them.

Unfortunately, I don't think ridicule and publicity will have much affect on the worst of the lot either. They are are too vain, too removed from the rest of us. Like Marie Antoinette, they simply do not understand why we are so upset.

Some such contracts are

Emma Zahn — Sun, 03 May 2009 03:04:06 +0000

In reply to Taking predatory lending to a whole new level

Some such contracts are nothing more than gambling debts and should be voided before any government money helps pay them off.

Yes, casinoism has replaced capitalism.

What I don't understand is why writers of CDS have not done what any sane insurer would have done by now -- simply return prorated premiums and cancel the contracts/policies. It is not like insurers have never been known to do that.

Thanks, Carol. I've been

Emma Zahn — Sun, 03 May 2009 02:58:05 +0000

In reply to Taking predatory lending to a whole new level

Thanks, Carol. I've been around, mostly just lurking. Usually anything I have to say is already being said better by others here at the Cafe. This story was just so jaw dropping that I felt compelled to share it.

Kind of like campaign

Tom Wright — Sun, 03 May 2009 01:40:57 +0000

In reply to Taking predatory lending to a whole new level

Kind of like campaign financing, smart people always think up ways to game systems. While laws and enforcement are necessary, they are often not sufficient.

Let's keep up the ridicule and publicity. I find myself thinking about pillories and stocks.

It's all these Canadiens and

miguelitoh2o — Sun, 03 May 2009 00:15:12 +0000

In reply to Taking predatory lending to a whole new level

It's all these Canadiens and their persistent love of all things baconesque.