Karl Denninger Kicks More Ass

Fraud to cover up fraud. Hmmm, I guess we could call that “fraud squared.”

This is NOT about “Free Houses” or anything like that. It is about EMPTY BOXES and boxes full of dogcrap – MBS that hold nothing and assets that did not meet the credit quality requirements of the trusts but were transferred in anyway. The latter we know happened for a fact because it has been testified to in front of the FCIC and is exactly like selling someone a box of chocolates – but instead of chocolate, as you represented, you took piles of used dog food, formed it into chocolate shapes, then coated it with a thin veneer of chocolate so it looked and smelled like chocolate – right up until someone decided to take a bite of one.

These events sure look like black-letter crimes to me. Selling someone crap instead of chocolate, when you tell them it’s chocolate, is plain old-fashioned fraud. So is selling someone called a “Mortgage-backed security” without the mortgage backed part. In both cases, if and when this happened, you have people who took someone’s money – some $6 trillion of it over the “go-go” years – and sold them crap that was certified as Grade “AAA” chocolate. In each and every case where the sellers lied, they committed a serious crime.

Who got screwed? You. Your pension fund. Your annuity company – an insurance company that might not be able to pay 10 years down the road when you’re old, gray and frail.

You are the one who got screwed.

And if these clowns have their way, you’ll get screwed again.

[ The Market Ticker ]

“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” -Mark Twain

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