"Morgan Stanley said it earned $1.41 billion"
That was in three months time.
Yeah, it's a real shakedown.
"Mass. wins $102m in subprime loan case" by Beth Healy, Globe Staff | June 25, 2010
Attorney General Martha Coakley has won a $102 million settlement from Wall Street’s
I guess it's better than nothing; however, she said she was happy with the result of the Senate campaign, too.
The deal, the first of its kind in the country with Morgan Stanley, followed an investigation by Coakley’s office into the firm for fueling subprime mortgages written by
Then they sold the PoS as gold to other suckers such as governments, pension funds, et al; cashed out; then, betting against the products and payments, cashed out again; and now, the same investors owe gobs of debt payments and interest to the same folks who sold 'em the PoS in the first place.
Man, that is ONE NECK of a SHELL GAME! Shells of you-know-what!!!
Morgan Stanley, in a statement, said it was “pleased to resolve this matter in a way that will help many Massachusetts homeowners stay in their homes.’’
If they really felt that way....
May foreclosures in state double
.... aaarrrrggghhh!
The New York investment banking firm neither admitted to nor denied the attorney general’s allegations....
Yeah, they ain't bad guys.
As the mortgage industry was coming apart in 2007, Morgan Stanley and other investment banks were still pouring billions of dollars into unscrupulous mortgage lenders. The banks wanted mortgages to slice up into securities, which they then sold to investors, including the Massachusetts state pension plan, as safe, conservative investments. As more people couldn’t keep up with their loan payments, the market for mortgage securities imploded....
Yeah, when it comes to looting and wars lies never seem to matter much to the newspapers and governme.... oh, right, THEY are the ones TELLING them!!!
The Morgan Stanley settlement is part of the attorney general’s broader investigation of Wall Street’s role in the financial crisis. Coakley said her office has reaped $440 million in restitution from large and small firms on behalf of homeowners and investors over the past two years....
I guess we should be applauding her with a standing ovation for doing her job, huh?
I do have one question: HOW COME this stuff was ALLOWED in the FIRST PLACE?
Was it the campaign kickback$ or were you guys just asleep at the switch as the lobbyists wrote the legislation and sent it over for the rubber stamp?
--more--"
(Globe photo) Morgan Stanley knew early on that New Century's practices were unsound, Martha Coakley said.
That is a file photo from the 2004 Democratic convention in Boston that nominated John Kerry, isn't it?
I know a lot of people around here who are still steamed that she blew a 31-point lead in the polls and lost to Brown.
