This may be the biggest accounting fraud in history

[*bfine32*]

(09-10-2019, 11:12 AM)oncemoreuntothejimbreech Wrote: 1) Where's the fraud?

2) Giving people loans wasn't the worst part of the subprime mortgage lending crisis. The worst part was knowingly ripping off investors by selling derivatives they knew would fail based upon those loans.  I'm not surprised a WSJ editorial would attempt to blow more smoke up our asses about that.

1) I'd say the suggested fraud lies here:

Quote:WSJ asserted. “The Congressional Budget Office at the time forecast that eliminating private lenders would save taxpayers $58 billion over 10 years. This estimate was pure fantasy, and now we’re seeing how much.”

2) It appears they think the worse part is having taxpayers assume the burden of private loan default. 


But as I said: I think we would have to establish intent to determine if someone committed a crime. Could have just been a bad move.