January 03, 2008
It was cute watching all the little lenders go belly-up. Now watch the big boys like HSBC, WaMu and Wells Fargo go kerplunk, and that won't be cute.
What were they thinking?
Liar's loans. Interest-only. Piggybacks. No-down. No-doc. Poor credit. Teaser rates. Blah blah blah. The money ain't gettin' paid back.
It just makes me sick. Stupid bankers doing stupid things so they could make their short-term bonuses, f*ck the bank, f*ck their shareholders, f*ck their employees, f*ck their depositors, f*ck everyone but themselves. They got greedy, they destroyed lives, they blew up the financial system, they knowingly condoned and committed mortgage fraud, and the US taxpayer will end up paying the price.
History will not be kind.
Note - I'm short HSBC, Wells Fargo, Citi and WaMu and should've shorted each and every one of 'em, and a lot more aggressively. My mistake. Even I didn't realize the extent of their stupidity.
Frog marches. Investigations. Jail sentences.