Quote:
Originally Posted by joshgirls
not exactly. pooling bad mortgages into complex derivatives & selling them privately, with no exchange or oversight. The ponzi was selling these fraud securities to other banks, investors, pension funds etc. When the mortgages failed, the people holding the derivatives were the suckers. & the bankers walked away with fortunes.
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Someone gets it!
Quote:
Originally Posted by woj
Very few people lost $$$ deposited in a bank since FDIC was introduced, that's clearly not the case for poker sites, 3rd party payment systems like epass, etc...  |
Dude it's the same type of fraud but with much bigger players involved, you're right few people lost money but what they got instead was higher taxes, massive public spending cuts which will lead inevitably to a much lower standard of living, same difference
