Arrogance Of A Banker


Video Rebel's Blog

I am a banker. I gave mortgages to people I knew couldn’t pay me back and made billions of dollar. The mortgages were worthless and could not legally be sold. I packaged the loans into bonds. I sold some of the mortgages five times over. Mere mortals go to jail for selling a home five times but I didn’t. I bought a new type of unregulated insurance called a Credit Default Swap (CDS) which had been invented by my friend Blythe Masters at JP Morgan while she was still back in England.

These Mortgage Backed Securities (MBS) could not pass scrutiny but there was none. The rating agencies charged me a small fee, only looked at the unregulated CDS insurance and gave the bonds a AAA rating. I then went back to the people at AIG and bought a CDS against the bonds I knew to be worthless so I…

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