Blogroll Me! How This Old Brit Sees It ...: Charles Prince, Citigroup, Similar Shysters, Sub Prime Mortage Market Scandal, And The Plight Of The Poor Paying The Price Of The Fat-Cat's Profits .

05 November 2007

Charles Prince, Citigroup, Similar Shysters, Sub Prime Mortage Market Scandal, And The Plight Of The Poor Paying The Price Of The Fat-Cat's Profits .

So, wbanker Charles Prince of Citigroup has finally flung in the towel. Big deal.

We await with interest the release of the sordid details of the big pay-off package from which this bandit is bound to benefit personally - even further.

You know, the sort of stuff that's almost akin to reward for rape.

If anyone asked us any questions re;this greedy git, we'd say we believe justice would be best served if this bum were bundled into the back of a cop car and transported post haste to prison.




As the credit crunch continues to bite "families all over the country continue to lose homes in record numbers, stripping families of their wealth and destroying entire neighbourhoods," says Michael Calhoun of the Center for Responsible Lending, which tracks these issues.

Sub-prime mortgages carry a much higher risk of default by the borrower than other kinds of mortgage lending.

That is because most of them are "balloon" mortgages (technically known as hybrid-adjustable rate mortgages, or ARMs), which offer the borrower a fixed-rate loan for two or three years, and then switch to a much higher adjustable rate after that.

Many of them are set to switch in the next two years, leaving borrowers unable to afford the higher payments.

There have already been 1.7 million foreclosure proceedings in the US in the first eight months of 2007, and up to 2 million families are expected to lose their homes over the next two years, according to estimates by the US Congress's Joint Economic Committee.

Read the rest of this piece - and all soon becomes self explanatory.

Then, of course, there's always the self preservationist's sickening 'spin'.

Such as ...

The board of Citigroup paid tribute to Mr Prince, with Alain Belda saying: "We thank Chuck for his unwavering commitment to Citi, its employees and its shareholders."



See some more of the BBC's latest Prince & Co report.


Bottom line? In layman's terms? The bones laid bare? Forgetting the fog of high falootin' financial jargon specifically designed to set regular people's brains swimming?

South sea bubble? Rapid rise & demise of the dot com debacle? Making money out of misery? Fools and their money? Suckers born every minute? The three card trick?

It's all the same sort of shit.



But to the big-bucks-boys and the couldn't give a flying f*ck, fat-cats -- it's all just a bloody big board game.

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5 Comments:

Anonymous bootlean said...

These money lenders (for that's all they are) knbew from day one that there would be plenty of reposessions, in fact they counted on that.

Take whatever you could get before foreclosing, then snatch back the properties to sell again. They've come unstuck because they got more properties back than they expected in such a short time, .

Having been handing out almost unlimited amounts (no deposits, no questions, etc) for so long they suddenly realised they had more than they could handle. They couldn't sell 'em quick enough again to stop themselves losing all their cash liquidity.

Playing with paper - that's what they've been doing. Lending and borrowing among themselves - round and round in circles - covering each other's arses.

But like you said, Richard - eventually the whole thing blows up - with a hell of a big bang.

Of course, the crooks themselves have made sure way in advance that they'll take care of each other when the shit hits the fan.

1:49 pm  
Anonymous Anonymous said...

Rick,

Semi\sorta, o\topic.

Seen this?

Supermodel 'rejects dollar pay'

The model reportedly demanded euros for a Pantene advert
The world's richest model has reportedly reacted in her own way to the sliding value of the US dollar - by refusing to be paid in the currency.

Gisele B√ľndchen is said to be keen to avoid the US currency because of uncertainty over its strength.

The Brazilian, thought to have earned about $30m in the year to June, prefers to be paid in euros, her sister and manager told the Bloomberg news agency.

However, Ms B√ľndchen, 27, declined to comment on her pay arrangements.

Last week the dollar hit an all-time low against the euro, the British pound and the Canadian dollar.


If you ask me, she's a good judge. All hell is gonna break loose in the US soon - moneywise.

2:05 pm  
Anonymous sammy said...

But to the big-bucks-boys and the couldn't give a flying f*ck, fat-cats -- it's all just a bloody big board game.

Yeah. And what a great game for THEM. THEY make the rules. Talk about a loaded deck.

5:15 pm  
Anonymous gogs said...

I see that the US and UK goverment are reconsidering sending all the aid the do to Pakistan.

Maybe they'd be better employed sending some aid to all those poor kids [and their parents] about to find themselves living out on the streets ~~ of America.

5:36 pm  
Anonymous kiwi said...

TWO MILLION *FAMILIES* losing their homes?

Jesus, how many PEOPLE does that equate to?

11:16 pm  

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