16 October 2009 (Inside the banking crisis)
The banks have no shame. After they caused a financial crisis, and got a massive bailout while the public didn't, they think they are entitled to be immune from regulation to prevent a repeat. The bailout should have given the government ownership of these banks so that it could order them to cease all lobbying on the issue.
Collateralized debt obligations (CDOs), one of the financial derivatives that caused the financial crisis that started in 2008, offer an opportunity to create booby-traps which nobody can detect or even prove. This would be a good reason to prohibit CDOs, but there is another reason which is even more important. When people about to lose their houses asked banks for forbearance, the banks said it was impossible since they had already resold the mortgages to other companies.
Banks should not be allowed to resell home mortgages — not as CDOs, not to anyone.
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