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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.
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 ...
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.
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.
Labels: Charles Prince, Citigroup, foreclosure, homeless, loan sharks, sub prime mortage
posted by Richard at Monday, November 05, 2007
