Seattle Bubble Forum Archive

Buried deep on a Friday (slowest news day - when all controversial stories are quietly posted on the "back page" of the news) is an excellent little video that underscores what most of us already suspected about the biggest fraud in history - The Housing Bubble Ponzi Scheme.

....."It was a massive fraud... a gigantic Ponzi Scheme, a lie and a fraud," Davidowitz says of Wall Street circa 2007. "The whole thing was a fraud and it gets back to the accountants valuing the assets incorrectly."....
...
They got away with lying, fraud and "valuing the assets incorrectly" because they called it mark to model!. Only allowing assets to be valued by the actual market, and not by some indecipherable computer modeling scheme, would be a huge step in the right direction with respect to new banking regulations.