Congress to Investigate CEOs in subprime mess

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xsocal land merchant_IHB

xsocal land merchant_IHB

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<p>This is a sign that things will get <a href="http://news.yahoo.com/s/nm/20080115/bs_nm/usa_subprime_congress_dc">very interesting</a> especially in an election year.</p>

<p>Enjoy!</p>
 
<p>Good news. I'll be watching.</p>

<p>And so deliciously passive-agressive that the executives mentioned are "invited" to testify. I'll bet at least one doesn't show or gives non-answers on the advice of a lawyer.</p>

<p>SCHB</p>

<p> </p>
 
<p>Don't get your hopes too high, CEOs of public companies are among the largest campaign contributors for any senator or representative or even the president :)</p>

<p>Did you know that Enron execs were contributing a lot to Bush's campaign? </p>
 
<p>Hummm, Republican administration, Democratic Congress. I bet a HUGE amount of money is spent and nothing much will happen.</p>

<p>Really the finacial sector introduced a risky but attractive terms agreement. The public LOVED it without really thinking too much about it. The financial sector sold it off in investments (again VERY risky investments). Whos fault? Everybody.</p>

<p>Its just a STUPID waste of time and effort, if you wanted to control it you should have enacted oversite, governing and regulations. Again, i'm not so sure the same thing would'ent of happed. Anyways good luck</p>

<p>-bix</p>

<p>p.s. it would be interesting to see who this blog person is...</p>

<p>-bix</p>
 
<p>CONGRESS: "How dare you, Mr. Mozillo, make sooo much money when your industry has now caused so much trouble!"</p>

<p>MOZILLO: "Wait a second! For the past 8 years I stuffed your pockets with money and was the main reason why the economy kept buzzin along - especially after 9/11! Remember?"</p>

<p>CONGRESS: "True, but listen. Hear that? That is the Wind of Change! OFF with his HEAD!" Pause, in lowered voice: "Are we still on for lunch? Please, please, please!"</p>
 
I don't understand why Ken Lay was put on trial for his actions in the Enron debacle, and the Tan Man still has his several million dollars in walking around money, free as a lark. I'd like to see some prosecutions and civil actions against the Tan Man, just to make his life a little more interesting.
 
I mean, Mozilla presided over outright fraud when his loan agents faked borrower's incomes and all that bad stuff. All the presidents of all the subprime companies should be doing the perp walk now. Instead they are all counting their money.
 
I feel everyone is at fault from govt, lenders, to the customer who signed the application. Why waste even more money. It's a little late now.
 
fumbling - it is incredibly hard to prosecute most of executive mgmt. You have to prove they are aware of these things, there are bunch of layers of mgmt between the CEO and the loan person fabricating incomes on loan apps. You would be surprised how detached CEOs are from things, which you cant blame them, they dont have time to be in the details, and that is not what the get paid to do.
 
<p><em>it is incredibly hard to prosecute most of executive mgmt. You have to prove they are aware of these things</em></p>

<p>Two things: Computer forensics and intelligent judges and juries.</p>
 
So lets see. Mozilo makes a claim that business is so bad its like the great depression. Then rather than downsize and run the company as the down turn continues. He borrows more $$$. Lies and says he will be profitable in the 4th quarter. Then gets into talks to get bailed out by B of A. Gets his golden parachute oiled up and ready to go. All the while his company is in a pure death spiral. REO`s not being managed further hurting communities. My God. How can he just walk away ? Well he has juice. Just like Ken Lay did. Time will tell. But Mozilo should be standing in front of Henry Waxman

and get a taste of what he can look forward too. Answering for his crimes and lies in front of his piers.
 
<p>Liz, </p>

<p> Yep, I have to agree. Most of the time I get selected for Jury duty, they HATE engineers because we analyze, analyze, analyze. It almost infuriates all the lawyers.... . </p>

<p>Its going to be another giant boondoggle waste of taxpayer money. Oh well.</p>

<p>good luck</p>

<p>-bix</p>
 
Good point LL, but even the stupidist people...and the ones who don't know how to get out of jury duty....know about sub-prime by now. I imagine they'll all be more than happy to hammer the tanned one.
 
I served on a jury last summer. I volunteered to be presiding juror, because I kind of have an assertive, controlling-type of personality (in a nice way, though, really!). Anyway, half-way through I was practically rolling my eyes because the case was SOOOOO cut and dried. A small-business owner tenant hadn't read his lease contract carefully and didn't think he needed to pay the last month's rent even though it was clearly written that he did. I mean, it was REALLY clear. So we go into the jury room after the lawyers concluded their cases and I thought we'd be finished in 10 minutes. Turns out, most of the people in the room agreed that the contract was clear, but they felt that it wasn't fair to make the guy pay because the leasing company had neglected to remind him that he owed the money. We debated in that damned room all afternoon! The few of us who saw the case as a clear breach of contract issue finally convinced the rest of the panel to meet us half-way, but it was tough.





After that experience, I have much less faith in the American legal system than I did before. If juries have a tough time logically analyzing the most basic stuff like this, then the more complicated issues are pretty much hopeless from the outset!





There are lots of intelligent, rational people in the world. I am lucky to work with mostly very bright people, and this blog is full of the same. However, when I allow myself to think about how so much of the population of this planet is not so sharp, I get scared and worried. No wonder things are such a mess, and always have been.
 
<p>Before all the improvements of modern life, stupid people were needed as water carriers, and hoers etc etc. Too much intelligence in these fields would have been a hindrance. Now much of the repititious has been eliminated, and we need more of the intelligent, and the stupid are no longer needed. But are still there and out-breeding the intelligent.</p>

<p>The hub was a prosecutor for a while with Janet Reno's ofc. He had a case that had a lot of technical issues. One prospective juror was a hasidic jew with the dreadlocks etc. The hub figured that if he were intelligent enough to understand some theology, he wouild understand the technical aspects, and explain things to the morons. So he was left on the jury, elected foreman, and did the explaning and the hub won the case. . . . However, he got reproached by his boss, because he left a person of obvious intelligence on the jury. The official position was to reject people if they looked too smart. I don't think this was Reno's mandate. It was just conventional wisdom of generations of prosecutors to pick people who could be swayed by emotion, not logic.</p>

<p>By the way, Reno was honest and terrifyingly intelligent. And had no kids. And, no, she wasn't gay.</p>
 
<p><em>By the way, Reno was honest and terrifyingly intelligent. And had no kids. And, no, she wasn't gay.</em></p>

<p>I had the opportunity to listen to Janet Reno speak at a conference a few years ago. She was kind enough to stick around for the dinner. I chatted with her for about 5 minutes, very personable and real.</p>

<p>and don't get me started about juries.......</p>

<p>OJ, 'nuff said.</p>
 
Janet Reno...



whoyou trying to kid..



after the way that evil witch made her name proscuting inocent preshool owners for satanism and child molestation



well, she's no credit to the legal system



persnally, I still think she should be taken out, dragged, quartererd and her head put on a post above your Florida Bar as a warning to all evil lawyers who go after inocents to forward their carrier and perpetuate a climate of fear in the community.



By the way, I always get rejected from potential jurry pools... and most of these cases I sit for shouldn't be in the hands of jury anyway, they should be heard by an educated barrister just like in jolly old England.



Jurries... stupidest thing our forefathers insisted on, that and abandoning the practice of "looser pays"
 
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