“Countrywide was one of the greatest companies in the history of this country,” Mr. Mozilo maintained, “and probably made more difference to society, to the integrity of our society, than any company in the history of America.”
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A Bank Crisis Whodunit, With Laughs and Tears
By GRETCHEN MORGENSON
TRULY startling revelations were few in the voluminous report, published last Thursday by the Financial Crisis Inquiry Commission on the origins of the financial panic. This is hardly a shock, given the flood-the-zone coverage and analysis of the crisis since it erupted four years ago.
Yet the report still makes for compelling reading because so little has changed as a result of the debacle, in both banking and in its regulation. Providing chapter and verse, for example, on the bumbling and siloed management at the nation’s largest banks is enlightening, in that many of these institutions are even bigger than they were before. With too-big-to-fail institutions now larger than ever, we are almost certain to go through another episode like 2008 in the not-too-distant future.
For those who might find the report’s 633 pages a bit daunting for a weekend read, we offer a Cliffs Notes version.
Continue reading here…
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I vent, everything you said its most true but sorry to say, yes they are dictating our Country’s future and they probably will keep doing it because half of the people don’t know or understand all of this. and the other half is to busy watching Jersey Shore Snooki, American Idol, and Ophra
They SOLD OUT AMERICA right from under ALL of us. From top to bottom and everywhere in between. They STOLE our democracy and free market capitalism and HIJACKED OUR GOVERNMENT. I see Egyptian immigrants in our country protesting against what is going on over in Egypt. The same damned thing is going on in this country with our own Government and America would rather NOT HEAR THE TRUTH. WAKE UP PEOPLE, AMERICA IS NO LONGER A DEMOCRACY, THEY STOLE YOUR DEMOCRACY!!! Stop allowing them to distract you by forcing you to watch FAKE NEWS and MORONIC TELEVISION.The MAINSTREAM MEDIA WILL NEVER TELL YOU THE TRUTH OR OUR GOVERNMENT. They tell us lies and what they want us to hear and believe. I hope the American People realize that NO ONE IS SAFE due to the class warfare that is being waged by our Government against it’s own people. Wall Street and the Fed are STEALING MORE OF OUR WEALTH AND OUR FUTURE AND OUR DEMOCRACY EVERYDAY. They are all just one job loss away from all of us.
More ego tripping by these arrogant CEO’s. Yes, they created alot of wealth for themselves and their rich friends but then they stole it all for themselves and their friends along with anything else not nailed down such as 401k’s, and other investments such as homeownership and commercial property ownership that we all made to try and secure a future for ourselves and our families. They pulled a gigantic PONZI SCHEME HEIST and used all of us as collateral to pull it off. Maybe some people do not yet realize how bad WE HAVE ALL GOTTEN SCREWED by the Oligarchy and no one is safe from this FRAUDCLOSUREGATE NIGHTMARE. The class warfare is continuing on a daily basis up on Wall Street and via OUR OWN GOVERNMENT VIA THE FEDERAL RESERVE. They are creating INSURMOUNTABLE DEBT FOR ALL OF US trying to COVER-UP for THEIR CRIMES because of their PONZI SCHEME that has resulted in the INTENTIONAL ROBBING OF OUR WEALTH and has DESTROYED THE ECONOMY. Everyone must realize that they are just one paycheck away from all of us. When everyone wakes up in this Country and realizes THE TRUTH is that America and the AMERICAN DREAM has been STOLEN because OUR COUNTRY has been allowed to be HIJACKED by these FREE MARKET CAPITALISM THIEVES we will be mad enough hopefully to join together with a plan to effect a change and an end to the OLIGARCHY and THEIR CONTINUAL reign of FINANCIAL TERROR, THEFT, RAPE AND PILLAGE. We can not let these criminals dictate our Country’s future.
Just more of the same…so much so it truly makes one want to throw-up, BARF, be sick, get nauseous…It would seem (to intelligent and honest people) that the ‘men and women’ that hold office have forsaken the people they were elected to serve and that as they continue to ‘white-wash’ the BIG BAD BOYS and slap their wrists for their ‘Oh so naughty and shameless deeds,’ it seems unlikely that anything close to or resembling charges of criminal conduct will be forthcoming against them…