Archive for November, 2010
Mayor of London Warns George W Bush-War Criminal: Bring Book Tour to Britain and Never See Texas Again –George W. Bush can’t fight for freedom and authorise torture By Boris Johnson 15 Nov 2010 It is not yet clear whether George W Bush is planning to cross the Atlantic to flog us his memoirs, but if I were his PR people I would urge caution. As book tours go, this one would be an absolute corker. It is not just that every European capital would be brought to a standstill, as book-signings turned into anti-war riots. The real trouble — from the Bush point of view — is that he might never see Texas again. One moment he might be holding forth to a great perspiring tent at Hay-on-Wye. The next moment, click, some embarrassed member of the Welsh constabulary could walk on stage, place some handcuffs on the former leader of the Free World, and take him away to be charged. Of course, we are told this scenario is unlikely… But that is what torture-authorising Augusto Pinochet thought. And unlike Pinochet, Mr Bush is making no bones about what he has done.
When mortgages are “securitized” by the banks that originate them (“sponsors”), such as Bank of America — whom we’re slowly learning, this weekend, due to developments in a New Jersey bankruptcy hearing last week, may have actually and completely fallen into the insolvency abyss — they’re subject to a “pooling and servicing agreement.” In lay-speak, these “pools” and/or “bundles of mortgages,” serve as the basis for what is known as “mortgage-backed securities,” or more correctly, “mortgage-backed securitizations” (i.e.: “MBS,” and/or “RMBS,” which are the initials for “residential mortgage-backed securitizations”). These MBS/RMBS are then sold off by special purpose vehicles/special purpose entities (“SPE’s,” “SPV’s”), licensed bond traders/trading firms, and investment trusts (entities that actually create the mortgage-backed securities and then sell them to others) to investors. (Diarist’s Note: This is the “Cliff Notes” version, and technically speaking, it’s not 100% accurate, since it’s considerably more complex than this.)
Even simpler – BoA sold phoney securtities and the buyers are due thier money back – which BoA has lost.
Oh what a tangled web we weave,
When first we practise to deceive!
Sir Walter Scott, Marmion, Canto vi. Stanza 17.
Scottish author & novelist (1771 – 1832)
If our economy is going to recover this mess needs to be untangled – soon. The Japanese never did – and thier economy is STILL sick.
go to bottom and select “interactive maps”
This is derived from it – a country comparison: