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Hmmm... we should probably get the next round of bailouts ready...
Only if there's going to continue to be massive securities fraud à la Fannie's and Freddie's $5 trillion risk misclassification scam. The exotic securities were not the problem. The GSE's millions of counts of accounting, securities, wire, and mail fraud were.
"First, absent some intervening criminal act by actors farther downstream (and we may yet find some), we have isolated absolutely the cause of all that followed.
Second, it becomes quite easy to construct a criminal case for literally millions of counts of accounting, securities, wire and mail fraud against the GSEs. To the extent executives at Fannie and Freddie signed off on financial statements disclosing the portion of their balance sheets that held "AAA" securities and these had been purposefully misidentified we should be exploring prosecution for violations under e.g., Sarbanes-Oxley. (Given, however, Rham Emanuel's involvement in Freddie and Fannie, we aren't holding our breath).
...It should shock you that literally a third of the U.S. economy should become a playground for the social experiments of any political group of any party affiliation.
It probably will not shock you (since you are reading Zero Hedge) to find what may be the largest example of securities fraud ever directly connected to elected officials of the United States and their cronies." Origins of an American Kleptocracy | zero hedge
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