Audit Flaws Revealed, at Long Last | The Fox was in the HEN house.

With hindsight, we now know that auditors in 2007 should have been looking carefully at bank books.

Andrea Mohin/The New York Times

Barry Salzberg, the former chief of Deloitte, responded to an overseer's criticism.

http://www.nytimes.com/2011/10/21/business/deloittes-failings-revealed-but-only-after-3-years.html?src=recg

"They should have drilled into allowances for loan losses, and they should have been especially alert for signs that the banks were playing games when they sold loans. Auditors should have carefully reviewed how the banks were valuing their mortgage-backed securities and loans that they planned to sell."

Who is "THEY"?

DOH!


Total Hint: Look at the Business Model. i.e. "How do "they" make money?"

American Spring

"This government, we must chant, is corrupt. We can say that clearly and loudly from the left. They can say that clearly and loudly from the Right. And then we must teach America that this corruption is the core problem -- it is the root problem -- that we as Americans must be fighting."


http://www.huffingtonpost.com/lawrence-lessig/a-letter-to-the-occupiers_b_1007459.html


"It all started with an e-mail. On July 13 Adbusters magazine sent out a call to its 90,000-strong list proclaiming a Twitter hashtag (#OccupyWallStreet) and a date, September 17. It quickly spread among the mostly young, tech-savvy radical set, along with an especially alluring poster the magazine put together of a ballerina atop the Charging Bull statue, the financial district's totem to testosterone."


http://www.npr.org/2011/10/19/141501013/the-nation-from-wall-street-to-everywhere

http://thedianerehmshow.org/audio-player?nid=14861

What it has become is a dialogue. Democracy at work.

Banks’ Self-Dealing Super-Charged Financial Crisis | Propublica

Over the last two years of the housing bubble, Wall Street bankers perpetrated one of the greatest episodes of self-dealing in financial history.

Faced with increasing difficulty in selling the mortgage-backed securities that had been among their most lucrative products, the banks hit on a solution that preserved their quarterly earnings and huge bonuses:

They created fake demand.


http://www.propublica.org/article/banks-self-dealing-super-charged-financial-crisis

The CDO Daisy Chain | Probublica

Here's how the Wall Street Money Machine worked in the run-up to the financial collapse: Banks created CDOs from mortgage-backed securities. Banks often retained the large top portion, called the "Super Senior." The bottom portion, or "Equity," was often sold off to hedge funds. The middle portion, or "Mezzanine," often went into new CDOs. The main buyers of those new CDOs were once again the banks.

http://www.propublica.org/special/the-cdo-daisy-chain