Republican Rep. Tom Davis So Satisfied By Virgin Sacrifices
Friday, March 7th, 2008
You know how the entire U.S. and maybe Global Economy is collapsing, right now? That’s all because people like Countrywide CEO Angelo Mozilo came up with the brilliant idea of giving huge mortgages to people with no down payment and no income and no credit, and then he immediately sold the mortgages to investment banks and hedge funds that chopped up the loans and sold them again and again, so that basically the entire financial system was propped up on trillions of dollars worth of doomed loans that Countrywide knew were worthless, and this whole shell game caused a real-estate bubble that has since popped, wiping out half the house equity in the nation, and meanwhile these same chief executives were taking home hundreds of millions in bonuses for pulling off this fraud operation.
That’s why Virginia Congressman Tom Davis wants to make sure these subprime CEOs are treated very well during this difficult time. MORE »
You know how the entire U.S. and maybe Global Economy is collapsing, right now? That’s all because people like Countrywide CEO Angelo Mozilo came up with the brilliant idea of giving huge mortgages to people with no down payment and no income and no credit, and then he immediately sold the mortgages to investment banks and hedge funds that chopped up the loans and sold them again and again, so that basically the entire financial system was propped up on trillions of dollars worth of doomed loans that Countrywide knew were worthless, and this whole shell game caused a real-estate bubble that has since popped, wiping out half the house equity in the nation, and meanwhile these same chief executives were taking home hundreds of millions in bonuses for pulling off this fraud operation.
That’s why Virginia Congressman Tom Davis wants to make sure these subprime CEOs are treated very well during this difficult time. MORE »
