Enjoy the stimulating reading..., especially how Lemons maintained two sets of books to conceal multiple "recycling" of the same financial instruments to stuff investor pools...
Thursday, December 16, 2010
Empty/Inflated/Defective Securitization Pools Are Not New
If you think securitization fraud and multiple pooling of the same loan are new, think again... Here's a case from 1986. Ironically, even the culprit's name points to a prior incarnation of one of the modern players: Lehman (by the way, it should be pronounced "lemon"). As with a junky, "lemon" car, it's all in the name...
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