According to my recollection, John A. Paulson who made billions fixing the odds like a bookie paying off some players to shave points, gradated from my Alma Mater. During my time, the business school at New York University was called the School of Commerce, Accounts and Finance. I use to brag because I did the 4 year curriculum in 2 1/2 years while working for a commodities broker on Wall Street. The name changed to the Stearns School of Business, but they are one in the same, and a short walk to Washington Square where they made one of the all time great chess movies, "In search of Danny Fisher".
Paulson who made his investment bones working for Bear Stearns, went to, amongst others, the now indicted Goldman Sachs and paid them 25 very large to put together a folder of real adjustable mortgage losers that had decent Standard & Poors and Moody's ratings, but very likely to fail based on Paulson's analysis. Now, Goldman Sachs, hard pressed to turn down a Trojan Gift Horse, did just that. Then Paulson offered these to his clients and took a short position so he made billions (very very very large) when they failed.
It would be nice if he were indicted too, but he probably won't be. He covered his gilt edged ass in the prospectus' send to clients.
Now, why did I blog? I worked on Wall Street, graduated from the same school at N.Y.U. and I'm sitting here blogging instead of clipping coupons. Damn! Yet, I have some semblance of conscience; I think Paulson and King Richard III did not.
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