Comments on: Wall Street Journal’s Cursory Story on Mortgage Fraud http://www.nakedcapitalism.com/2007/12/wall-street-journals-cursory-story-on.html Sun, 22 Nov 2009 07:56:24 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: angelina jolie http://www.nakedcapitalism.com/2007/12/wall-street-journals-cursory-story-on.html#comment-55200 angelina jolie Thu, 10 Sep 2009 16:15:24 +0000 http://www.nakedcapitalism.com/2007/12/wall-street-journals-cursory-story-on-mortgage-fraud/#comment-55200 I love your site. :) Love design!!! I just came across your blog and wanted to say that I I love your site. :) Love design!!! I just came across your blog and wanted to say that I

]]> By: sandrar http://www.nakedcapitalism.com/2007/12/wall-street-journals-cursory-story-on.html#comment-55166 sandrar Thu, 10 Sep 2009 12:59:25 +0000 http://www.nakedcapitalism.com/2007/12/wall-street-journals-cursory-story-on-mortgage-fraud/#comment-55166 Hi! I was surfing and found your blog post... nice! I love your blog. :) Cheers! Sandra. R. Hi! I was surfing and found your blog post… nice! I love your blog. :) Cheers! Sandra. R.

]]> By: Anonymous http://www.nakedcapitalism.com/2007/12/wall-street-journals-cursory-story-on.html#comment-2608 Anonymous Fri, 21 Dec 2007 15:47:00 +0000 http://www.nakedcapitalism.com/2007/12/wall-street-journals-cursory-story-on-mortgage-fraud/#comment-2608 In a somewhat related story:<br/><br/>CEO Just Wants to "Get the F*ck Outta Here!<br/><br/>http://www.minyanville.com/articles/MER-MBI-SLM-abk-gis/index/a/15275<br/><br/>"We're trying to figure out what your stock is going to be worth and you've got to give us some guidance."  
"You should give Steve [McGarry, Managing Director of Investor Relations] a call," Lord said. 
"But you're the CEO," the questioner objected. 
"That's right.  I'm the CEO," Lord replied.  "Next question."<br/> • Let's cut to the chase.  We're no public relations expert, but here's a tip:  
It's probably not a good idea to close out a particularly testy investor call by saying, "Steve, let's go, there's no questions, let's get the f*ck outta here." <br/> • But hey, that's just us. <br/> • Check it out at the 26:40 mark via the mp3 file here. In a somewhat related story:

CEO Just Wants to “Get the F*ck Outta Here!

http://www.minyanville.com/articles/MER-MBI-SLM-abk-gis/index/a/15275

“We’re trying to figure out what your stock is going to be worth and you’ve got to give us some guidance.”  
”You should give Steve [McGarry, Managing Director of Investor Relations] a call,” Lord said. 
”But you’re the CEO,” the questioner objected. 
”That’s right.  I’m the CEO,” Lord replied.  “Next question.”
• Let’s cut to the chase.  We’re no public relations expert, but here’s a tip:  
It’s probably not a good idea to close out a particularly testy investor call by saying, “Steve, let’s go, there’s no questions, let’s get the f*ck outta here.” 
• But hey, that’s just us. 
• Check it out at the 26:40 mark via the mp3 file here.

]]> By: Independent Accountant http://www.nakedcapitalism.com/2007/12/wall-street-journals-cursory-story-on.html#comment-2606 Independent Accountant Fri, 21 Dec 2007 13:25:00 +0000 http://www.nakedcapitalism.com/2007/12/wall-street-journals-cursory-story-on-mortgage-fraud/#comment-2606 I just finished reading this article. A couple of thoughts came to mind. "Round up the usual suspects", said Captain Renault in "Casablanca", 1942. The FBI is pursuing miniscule frauds by Wall Street standards in order to portray the poor financial institutions as "victims". Affirmative action for Citigroup! Citigroup as Katrina refugee! This happened in the S&L crisis of 1979-86. The Feds tried to portray the S&Ls as fraud victims. Some were. But when all the smoke cleared, to the best of my recollection, only about 3% of the S&L's losses were due to the fraud. the balance, mismatched maturities. It's a better story for the Feds to point to a few "greedsters" and say "they did it", than explain mismatched maturities. <br/>We have the bizarre spectacle of the Fed lowering interest rates to protect the big banks. We need to provide a rationale for the public. Here it is: the banks are victims, not perpetrators. I just finished reading this article. A couple of thoughts came to mind. “Round up the usual suspects”, said Captain Renault in “Casablanca”, 1942. The FBI is pursuing miniscule frauds by Wall Street standards in order to portray the poor financial institutions as “victims”. Affirmative action for Citigroup! Citigroup as Katrina refugee! This happened in the S&L crisis of 1979-86. The Feds tried to portray the S&Ls as fraud victims. Some were. But when all the smoke cleared, to the best of my recollection, only about 3% of the S&L’s losses were due to the fraud. the balance, mismatched maturities. It’s a better story for the Feds to point to a few “greedsters” and say “they did it”, than explain mismatched maturities.
We have the bizarre spectacle of the Fed lowering interest rates to protect the big banks. We need to provide a rationale for the public. Here it is: the banks are victims, not perpetrators.

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