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University of San Diego law Professor Frank Partnoy testified before the Financial Crisis Inquiry Commission yesterday (Jan. 12) as it kicked off its probe into causes of the financial meltdown that led to the Great Recession. Along with former New York Gov. Eliot Spitzer and former savings & loan regulator William Black, Partnoy said the commission should look into what, if any, steps were taken after a senior FBI official warned Congress in 2004 that a developing epidemic of mortgage fraud could produce a financial crisis.The three, who also wrote an op-ed piece for the New York Times in December, said the commission should explore the extent to which big banks laid off their subprime mortgage risks on the American International Group, the big insurer that was eventually given a $182 billion bailout package.

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Comments

SurfPuppy619 Jan. 13, 2010 @ 7:22 p.m.

The three, who also wrote an op-ed piece for the New York Times in December, said the commission should explore the extent to which big banks laid off their subprime mortgage risks on the American International Group, the big insurer that was eventually given a $182 billion bailout package.

They didn't do ANYTHING because if they did then Goldman Sachs and the other scammers would not be able to peddle their bundled piles of crap CDO's off onto the unsuspecting public.

And without dumping their garbage CDO's off on the unsuspecting public, they would not pull down their enormous (unearned) profits.

Shows how unchecked greed by a small portion of financial bulls*** artists can drive the entire country into default.

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Don Bauder Jan. 13, 2010 @ 10:51 p.m.

Response to post #1: Goldman Sachs's CEO Blankfein tried to bully the commission at today's hearing. I don't know if it succeeded. It sure turned me off -- but then, Goldman Sachs has turned me off for years. Best, Don Bauder

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Anon92107 Jan. 15, 2010 @ 4:41 a.m.

As if the consequences of failure to heed the FBI Mortgage Warning isn't hideous enough, on Dec 8, 2009 Reuters published another FBI warning that is even graver:

BOCA RATON, Florida (Reuters) - "Corruption, whether in the form of crooked officials, financial fraudsters or even philandering sports stars, is tearing at the fabric of U.S. society and is the country's No. 1 criminal threat, a senior FBI agent said on Tuesday."

And we in San Diego most certainly have our own personal crooked officials and financial fraudsters like Sanders, Dumanis, Spanos, leaders of the San Diego Republican Party and all the others you expose daily, but no one really cares in San Diego because our brains are rotting from Sanders-Dumanis sewerwater.

Since you exposed the fact that SD's Drinking Water is the 9th Worst of Major Cities, one has to wonder if we should even wash our hands in San Diego sewerwater, a fact that crooked officials like Sanders, Dumanis and SDGOP powers that be keep covering up.

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Anon92107 Jan. 15, 2010 @ 5:23 a.m.

Don, just ran across a very interesting article relevant to this discussion, posted by David Corn on Mother Jones:

"Thank You, Wall Street. May We Have Another?"

http://motherjones.com/politics/2010/01/financial-crisis-wall-street-anger

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Don Bauder Jan. 15, 2010 @ 7:08 a.m.

Response to post #3: You're giving me too much credit on the drinking water matter. All I did was print material that had been prepared by an organization. Best, Don Bauder

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Don Bauder Jan. 15, 2010 @ 7:17 a.m.

Response to post #4: Maybe people have been focusing too much on the old adage, "Fool me once, shame on you. Fool me twice, shame on me." I have done scams for decades, and find that victims have varying reactions. Most are in denial initially. Then, when they know they have been had, many feel personal remorse, blaming themselves. In the current instance, as you point out, not enough wrath is aimed at Wall Street. Its racketeers knitted together and sold derivatives that were incomprehensible, even to large corporations that bought them. This was deliberate fraud -- something the government is not charging them with. Washington is far too cozy with Wall Street -- still. Best, Don Bauder

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