I was a US government capital markets examiner at the time. As early as 2006 we were warning our supervisors about "NINJA" loans. Nothing was done. Please also remember that Fed Chair Bernanke said at the time that the mortgage market was sound, that the stock market was sound and that he did not foresee a recession. .....Yet this man was awarded a Nobel prize?
I was looking into buying a home in 2005 SOLEY BECASUE I heard about “NINJA” loans, “No income, no job applications. Even then, I was like WTF?!?! Ended not buying until 2013
and the same thing is happening as we speak.. meanwhile the inverted yield curve is unwinding.. we are headed to a recession that will make '08 look like a walk in the park that will likely start in 2025.. and jerome powell, the rest of the fed, analysts, MSM and establishment politics will continue to say everything is fine..
It's a conspiracy no doubt, but with no official document or by-laws :) It is a question of culture and being untouchables, in the pure criminal sense. I have similar experience on large oil/energy contracts as a Financial specialist.... Senior people almost always knows about the shady stuff. So alot of energy is put into plausible deniability.
These crooks ruined me at 27 years old. My dad had died and with my inheritance I bought a home. My credit score was 775, I put down 40% in cash on a conventional loan. That was 2007. Within 18 months, the homes value went down by 70% and I was underwater on the loan. 😭 Inheritance was gone, I lost my job and reached out to get help from the lender. They ignored me or said we don’t talk to you until you default. I lost my house to a short sale. I did everything right and it destroyed my finances, my self respect and my trust in the USA. I’m still far from over what happened to me. I can’t talk about it without crying even after all these years.
That's terrible, sorry for what you went through. Don't mistrust the USA, mistrust anyone who whines on about govt regulation getting in the way of business. If the banks were regulated with proper oversight around those times, there's every chance it would've been nipped in the bud years earlier. I know that doesn't help much. You're only 44, you can still kick butt. I can say that because I stuffed up and got shat on through no fault of my own plenty of times but you gotta do the right thing by yourself and make things work for you again.
A short sale is initiated by the homeowner. Are you saying you did not make that choice? Being underwater means nothing unless you decide not to maintain your payments. In addition there were keep your home programs all over the country that helped home owners save their homes in case they lost their jobs. I do not wish you harm or pain, but the right choices have to be made in times like those were. I have learned many painful lessons through life. Chalk this one up to a lesson and don't let it wreck you. You have everything you need already inside you to decide to make it a lesson and move on from it.
Much like trump- CONVICTED on 34 felony counts, sued and owes $500 million, money gets him off, steal a pack of bread to feed your family- get arrested, fine, jail.
Yep. You take somebody's old purse that has nothing but used Kleenex and pennies, you're arrested and screwed. Take someone's $1K phone, forget it. You'll never have a job again. Steal billions and almost break the world's economy, walk free.
Could have done without the dramatic image of looking out the window or waking down the street every 14 seconds. This dude is a criminal not a victim. Just because he was the only one taken down doesn't make him less of a criminal.
I agree. That's how it goes when criminals act as a team. Some of them are covering their behind better than others and will avoid prosecution. Chances are, the most intelligent at the top will make sure there is someone under them to throw under the bus instead. That's what happened here. That whistleblower is the only one who refused to go down with the sinking ship.
This man and many greedy others ruined my life, an ordinary citizen who lost their pension and home. I can't watch this any longer. Why is this man free?
i understand your pain.. my dad's backhoe operating business collapsed during the 08 recession.. his relationship with his girlfriend collapsed (my mom & dad had been separated since I was a toddler).. and he started drinking heavily.. ultimately dying from alcohol induced liver failure among other things in 2012..
@@Pipping-Hot yes you can.. if you have a mortgage you’re a home owner.. if you can’t make the payments your house goes into foreclosure and you lose it.. that’s called losing a house you own.. it’s also one of the driving factors behind the 08 recession..
@@Wontreplyeverdontbother wtf are you talking about it was almost certainly their pension manager that made these decisions, likely based on the fraudulent assurances of the government.
The brilliance of this well shot documentary is the fact that the main protagonist portrays himself as a victim and is so aligned with all of the big fish in the way they think, he is blind to the fact that this look at him is showing how much of a morally bankrupt psychopath he is. Look a lot of people commit murder, that doesn’t mean I join in and complain when I go to jail that my body count was not as bad as Al Capone’s. He even was upset about the structure of his prison time put him amongst the “common criminals” he was upset that he was not given a higher status of entitlement in prison. To be separated from the animals in his mind. That should tell you everything you need to know about this person. He thinks exactly like the untouchables. He is just mad because he is not an untouchable not because he is a horrible person in his actions. He smiles saying I owe the American government 154 million dollars. Well he will never pay that back, so why is he free? This is a terrifying look at modern commerce. His only remorse is that he wasn’t very smart or powerful enough to get away with his criminal acts. His only remorse was getting caught. What a sincere jackass.
I think the point was that they all got away with it. Either they should've all been brought to justice, or he should've gotten away with it too. Main point being, look who gets convicted - never the big end of town, always the little guy. That's why it's going to happen again.
@@jvvoidmy friend I sincerely agree with you. Still, myself and you can also break financial laws like this person featured in the documentary. I live in Toronto. I could have joined many a scheme like this. But I didn’t. I squeaked by and I have my moral compass functioning. This individual who got caught would laugh at me and ask me where did that get me? Because the only currency he and other like him have as a human being is money. They are, for all intention and purpose of the word, psychopaths that choose capital greed to destroy other people’s lives. There is zero remorse. Just because we know the ultra elite 2 percent of the world get away with it and we accept it to keep some semblance of a civilized democracy functioning for the rest of us, just like Pharos did to Egyptian slaves. Doesn’t mean we act the way as well. First we can’t. We aren’t invited into the group so you will be the example they throw to the wolves. We will, one day, have to figure out how to get along as one society without power, money, or militant structures, religious dogma and oppression of made up class systems, with generational wealth to evolve as a human species. For now the world has settled on commerce for the last few thousand years to partner they with false man made dogma scriptures to keep people in line. Again, I do not know how we get to the Star Trek part of our evolution, which even that tv show uses a military structure, because our brains, not even in the greatest of science fiction, imagine any other way. One day in the far distant future we will be greater as a species. Today, all we can do is be the best individuals we can be to get to a better place. To use the excuse, well the other elite wealthy get to do it, is the same excuse a child gives or a teenager gives or an adult gives when they want to rationalize bad behaviour. It is the weakest of arguments to excuse yourself for being a horrible person like this man is in the documentary, who ruined lives because of what he personally did, only to say well everyone is doing it. Come on.
I was in the construction trades in SW Florida for over 2 decades doing well until the Building Dept quit issuing permits in 2008. I never really recovered from that to this day. George Carlin was spot on about America. I'm actually embarrassed to be a veteran. I feel like a sucker and loser. Fraudsters run everything these days, even the Presidency. I give up.
what most really can't see is WHO is really DOING this and WHO is "they"... And that's the reason why all of this is happening to us. Do you know who "they" are? Starts with a j - vvs
These clowns should have had to give any bonuses or golden parachutes back. The fact that they're walking away scot-free with millions and millions of dollars and not facing any charges is ridiculous.
Yep we bailed them out & now these same sorts of criminals are trying to do it again, 2016 was a retry nightmare with some of the same cast of characters Wilbur Ross, mortgage fraud Mnuchin etc etc & now trying again in 2025. G d help & be with the innocents of their g d awful behaviors
what most really can't see is WHO is really DOING this and WHO is "they"... And that's the reason why all of this is happening to us. Do you know who "they" are? Starts with a j - vvs
Begs the question; how bad will it be the next time? We've had around 15yrs. of asset inflation, with wages trailing further and further behind, and no major correction like we used to have before 2008.
It happened because a lack of government regulation facilitated the corruption that followed.That is not the case now there is no such thing as 40 to 1 leverage today and in fact all the wall street banks are in rude health.
Basel 2 at least prevents banks from borrowing to much compared to their own equity. Also raising the own equity higher. It mitigates the risk immensly.
@@hatersgonnalovethis The financial regulations brought in by Obama to guard against this type of thing happening again were removed by DRumpf in his 1st term. And over 75 million people think he's for the little guy.
I was in the middle of the mortgage industry from 2000. The root cause or the financial crisis was the rating agencies like moody Standard and Poor that rated these mortgage securities (NINJA mortgages) AAA when they should have been rated C or D. This is what made the whole machine work. If they were correctly rated then investors wouldn’t have invested and the banks and mortgage companies wouldn’t have originated them. I remember my coworkers and I telling each other- no way this can continue.
I worked at the setai, a property owned by lehman brothers and that place was run with the same mentality, I brought up a huge concern to my manager once and she said "doesn't matter if it's legal or not we'll just pay the fine."
Mr Baker you have learned an important lesson in life. You were the low hanging fruit that the justice system could pick with little doubt about your guilt. You provided a screen for those other people you talked about. Good job sir! Your greed and guilt (which you admitted) help to protect them. They appreciate your sacrifice (not really).
Mr Baker does not sound remorseful, just annoyed that he was caught and others were not. Never mind that you probably ruined many lives. Out in 10 years from a 20 year sentence, and still resentful.
@@ivydickson7596 But that's the whole point - he's right to feel that way, because we, the 99%, feel that way. Why does the loner go down when the big end of town gets away with THOUSANDS of times worse, in dollar terms?? Too big to fail, they say, that's the excuse - and the public let them get away with it.
what most really can't see is WHO is really DOING this and WHO is "they"... And that's the reason why all of this is happening to us. Do you know who "they" are? Starts with a j - vvs
Sorry but I disagree with your statement that we dont know who caused the crash of 2008. All one needs to do is look at the people and businesses that didn't lose anything aka Wall St, the banks, politicians and the like, and the government, who furtively bailed them out to avoid exposing the governments role in allowing this to happen.
I watched Bushes cabinet warn the senate about the possibility of this ballon bursting. And the people that ran Freddie Mac just laughed…..Especially Barney Frank. He should be in jail too. And don’t forget Bill Clinton and his cronies that changed the banking rules so banks had to start lending money to people with bad credit that had no chance of repaying.
what most really can't see is WHO is really DOING this and WHO is "they"... And that's the reason why all of this is happening to us. Do you know who "they" are? Starts with a j - vvs
Why is this guy out of prison? First thing he says in the opening of the movie: why me and not others? Plays the victim. Well, that tells you how sorry he is for what he had done.
The whole point is that the people who are actually responsible aren't punished. He's a fall guy, The more important question, is why is that guy's lip so pink?
Its so much more than that.. Unfortunately. This is the story of the people who screwed an entire generation or two, around the world. 😢 Probably one of the worst crimes in the last 20 years.
I remember when I just got into crypto back in 2019 but later in 2020 I ended up selling it because I was dumb and I didn't understand it. I studied and learned and now I know how it works. Got back into crypto early in 2023 with 10k and I’m up with 128k in a short period of time . I was able to build a business from my returns
Finding financial advisors like ‘Sharon Ann Meny’ who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
In the UK, we had some thing called a self assessment loan. where you could basically make up your earnings based on what ever BS you wanted, then get a loan or mortgage based on that. Possibly worse than a ninja loan.
“Hard times create strong men Strong men create easy times Easy times creates weak men Weak men create hard times” If you lived through it you are stronger than you realize. Keep going!
I've met people identical to him. Different industries but similar mannerisms. Very common in small tech companies. They have absolutely no idea what they are doing but manage to get other senior people to part with money.
@ I am the most conservative Republican in the planet but the truth is, it was both sides. Undisciplined, inexperienced, uneducated, ignorant politicians begging for votes.
Unbelievable that neither Fuld or his minions were not prosecuted and he is still at it 🤦♂️ working with the government now with all that printed money 🙄
You missed Alan Greenspan whose constant rate cuts £ increases in banks leverage fuelled the crisis - no surprise that he got a $20MM signing bonus for joining Paulson & Co who bet with leverage so great that you’d need insider info to do so against the housing market!
Greed was on both ends during the crisis. Banks were greedy and so were the homebuyers. People buying homes way outside their budget without planning. The bankers who did insider trading or accounting scandals should’ve gone to jail but can’t arrest all bankers if no law was broken.
AIG was the underpinning factor in the 2008 financial collapse. Hank G was selling insurance, without buying reinsurance. Worse, he was distributing the premiums as profits. That insurance was the problem.
CDS sold by AIG was a symptom that became popular because of the MBS originated by the big banks. I still think MBS was the real driver, CDS was something that grew out of it.
These banks should all be owned by US Citizens. We paid their debt off. These CEOs, CFO, CRO... should have forfeited any paycheck or bonus. Why are they not in prison? This is sickening
we had a national bank for safe storing of payrolls, savings, and buying us govt bonds: it was called the Post Office Savings Bank. In the later 60s when banks wanted more they managed to get congress to get rid of it. we still own our own banks: they're called credit unions - free-standing capitalist businesses selling financial services (and a safe place to store the money. beats under my mattress...) and it's co-operatively owned.
The guy ran a fraud. He deserved to go to jail. I agree that Wall Street bankers skated on what they did, but it doesn't mean he did commit a massive fraud.
I get the impression he wants revenge, not to protect the public. 'I got caught, so I will drop the dime on everyone else, too.' No, I am not defending the other banks but addressing the 'moral code' among thieves.
I think the overall point made here which you seem to have missed is the lower ranks end up in prison whilst the CEOs scoop up millions and left to enjoy their ill gotten gains.
Wait'll you hear about the national debt and how if you earned $500,000 a DAY since the great pyramids were built you still wouldn't be able to put a dent in it
Applied for a home loan from Washington Mutual for $500k. It was approved in fifteen minutes while I waited. Two page application. Half a mill in 15 minutes.
What ,you think it is right to take from others who work hard a give to people who do little .I will not use this man as an example.But Elon musk worked like hundred hours a week ,he made his wealth happen and he has created well paying jobs for many ,so he gives this money away to lazy people,so Elon could not create wealth for people to work You sound like to many today , entitlement with no effort.
Australia was affected… goverment pension funds had bought loads of the mortgage bonds, i worked at Lehman and then barclays and i know a guy i worked with who had just come back from meeting his Austrialian pension fund clients in Australia, he said his clients were in tears during his meeting…the losses were so bad..
Of coarse we were affected but nothing like the US and UK/ Europe etc. because our banks are amongst the most heavily regulated in the world and so there was no subprime crisis. Hence Australia was one of the few countries that didnt experience the great recession.
Greed and delusion starts from the bottom, people with no money thinking they can borrow millions and pay it with a 50k job, 2kids and a wife. They were selling an illusion and people bought it. That’s what sales people do every day
Turdeau made a law in 2016 that next time they purposely get banks in trouble the financial instututes can use depositors cash instead if tax dollars bailing them out😮 what better way for global wealth transfer to elites from middle class
I lived through this crises Wall Street came up with sub prime mortgages. No income. No job No asset. No credit There were variations like stated income. The higher the risk the higher the rate and the larger down payment. Car valets in Nevada all of a sudden were stating they made 100K. The US government did nothing. Wall Street wanted more and paid more to mortgage brokers. It was greed. And the local banker and the local broker took the blame
They were pressured by the Democratic party to come up with those programs "to ensure everyone has a shot at the american dream". Whether they could afford a mortgage or not.
Single mom working a temp job at that time at a Consumer Credit Counseling organization no less! The counselors there kept on me about why are you not a homeowner! I thought why would I buy a home when my financial security is based on a temp job at this time. But they kept pushing it “you should buy a home.” Didn’t listen to them as I knew I was in no position financially to buy a home! Others who knew they couldn’t really afford a home should have known better and done the same!
Riding that War economy. Iraq 2003, and the MIC in full gearing, including a revolution in US Gov Contractors getting gigs every where. A fabulous stow, and the US Dollar awash....
Student loan crisis is very similar, just showing your classes schedule qualifies you for $40,000 loan per year, with no proof of work, nothing, just a 19 year old that attends a school... same manipulation technique and greed like in subprime mortgages..
One person you left out was Elliot Spitzer. His self promotion crusade to oust Hank Greenberg left AIG without a check on its Financial Products division, which resulted in AIG turbocharging the credit default swap market. Also, Henry Cisneros set the orignal ground work of pushing creative fiancing to increase homeownership. Finally you need to include Franklin Raines as well. There is plenty of blame to go around for the 2008 collapse.
The Canadian did his time but he did blatant fraud. What the bankers did had the government regulation support. They then used accounting practices that were allowed yet morally wrong. People also approved loans out of greed and falsified them which is the real crime. Taking that to the top is pretty hard to do. The lack of government regulation led to the the crisis. The intelligence follows money. Smart people figure out ways to game what they are given to work with.
The bubble run-up and financial crisis of 2008 casts a very long shadow on a lot of people's lives. Personally, I will never recover what was lost. A lot of people will say the same thing about the cvid lockdowns, which were completely unnecessary. The world is not run by anyone even remotely honest or ethical.
And still we have people in the United States that believe whoever they vote for is gonna be the one that makes it all better. It's insane that people think any of these snakes care about making our lives better.
The Canadian feeling sorry for himself was an unnecessary part of this documentary. “Poor me I only stole 154 million dollars and only ruined a smaller amount of lives.”
To clear some darkness with ironic humor.... Richard Fuld bears an uncannily, striking resemblance to actor William Fichtner's mob bank manager in the film "The Dark Knight Rises" (2012) of the Batman franchise ...... the epitome of a daring, steely, unrelenting character in a suit and tie, who deep down is nothing more than a barefaced, soulless crook.
The party ended, the people at the party got rich and left everyone else with a massive hangover, bill and mess to cleanup and we’re still suffering from the hang over.
I think white collar crime should be retitled as a malicious crime with the intent to do financial crimes to their victims. Should be taken more seriously with stricter penalties in the USA.
And what of the US government and industry players who relaxed the lending standards, eventually putting millions of people into subprime loans? Agreed, nobody forces another to take out a mortgage. But most people poorly manage their money and know very little about finance, which the lenders count on. The party goes on forever...until the music stops.
I believe that the corruption is systemic, the whistleblower should have been listened to and his points acknowledged and changes made. Obviously, there is corruption much higher up to perpetrate this fraud.
A lot of people don't want to hear it, but the 08-09 financial crisis was caused by the actions of many, many, many people and institutions who all made very bad decisions. That includes many consumers who made bad decisions. It's just the reality.
It is going on today in 2024, don't kid yourself if you think this is over, they just tripled the bets so this time it will be way worse. Nothing has changed.
I’m wondering why these CEO’s and high level exec’s couldn’t have been prosecuted under RICO? There are different ways and levels that these criminals could have been meant to pay for their decisions. It just seems that people like the AG, SEC, IRS, and other government entities were/are too lazy to give a damn. And when this type of happens again - and it will, everyone’s going to be looking around saying, “We never saw this coming.”
He said ‘I wanted to protect what I had’ … wouldn’t you do the same? … but you never had that money in the first place, you took it from other people. Delusional.
Disturbing documentary and not for the obvious reasons of what we already know but for the character of Phillip J. Baker. Firstly, he says that the public who were sold the dodgy loans falsified their financial information in their application. Thereby, he explains, both the public and the banks were complicit in the fraud. Only a banker could come up with that warped logic. He fails to acknowledge that a financial institution should NOT be selling something illegal to customers and making it appear legal. That's THEIR responsibility. 09:40 Secondly, when Baker was asked why he did it, he said 'to protect his money, his family and his power. That's what everybody does, isn't it?' Well, no, Phillip, that's what criminals do. The fact that he tries to paint himself as a victim when he was prosecuted for defrauding customers of $250 million when the banks got away with it and defrauded billions is to miss the point. It's still a crime. When the documentary concludes that as long as there is greed and bankers think they can get away with it, they are destined to make the same mistakes and plunge us all into another financial crisis. Mr Baker seems to be one of those people.
Wonder if this guy and many like him ever think about all the working class and middle class people who were destroyed by the GFC? I was almost one of them but made it by the skin of my neck. But I know people who were absolutely destroyed by this BS. Marriages, houses and businesses..... GONE.
@@stephenphillips6245 yup. That's kind of the point. The same people who tell you regulation is bad and trust the market are the same who told us we couldn't afford to take action on acid rain, the hole in the ozone layer amd now climate change. Given their track record, I don't know why anyone pays them any attention.
Oh how the powerful and rich get away with their crimes and lifestyle today but when they must meet their maker, they will surely pay! I feel terrible for everyone this fraud affected, you know many still suffer to this day and many took their own ….
Saving the big banks was an unbelievable mistake by the FED that I still don't understand. They absolutely could deserve their collapse just to clean up the financial sector. Instead, they have paid a lot of bonuses to themselves on taxpayers money and they have the consequence that they will always be saved by the government.
short selling was your first mistake , you could have probaly just stayed there 5-7 years without making a payment and then just modified , saw 1000s do it between 2007 and 2014
I was a US government capital markets examiner at the time. As early as 2006 we were warning our supervisors about "NINJA" loans. Nothing was done. Please also remember that Fed Chair Bernanke said at the time that the mortgage market was sound, that the stock market was sound and that he did not foresee a recession. .....Yet this man was awarded a Nobel prize?
I was looking into buying a home in 2005 SOLEY BECASUE I heard about “NINJA” loans, “No income, no job applications. Even then, I was like WTF?!?! Ended not buying until 2013
@@JiffyDealer You made the right decision. By then the inflated home prices evident in 2006 had crashed along with the economy.
and the same thing is happening as we speak.. meanwhile the inverted yield curve is unwinding.. we are headed to a recession that will make '08 look like a walk in the park that will likely start in 2025.. and jerome powell, the rest of the fed, analysts, MSM and establishment politics will continue to say everything is fine..
It's a conspiracy no doubt, but with no official document or by-laws :) It is a question of culture and being untouchables, in the pure criminal sense. I have similar experience on large oil/energy contracts as a Financial specialist.... Senior people almost always knows about the shady stuff. So alot of energy is put into plausible deniability.
@@natantataii8195 I agree.
These crooks ruined me at 27 years old. My dad had died and with my inheritance I bought a home. My credit score was 775, I put down 40% in cash on a conventional loan. That was 2007. Within 18 months, the homes value went down by 70% and I was underwater on the loan. 😭 Inheritance was gone, I lost my job and reached out to get help from the lender. They ignored me or said we don’t talk to you until you default. I lost my house to a short sale. I did everything right and it destroyed my finances, my self respect and my trust in the USA. I’m still far from over what happened to me. I can’t talk about it without crying even after all these years.
That's terrible, sorry for what you went through. Don't mistrust the USA, mistrust anyone who whines on about govt regulation getting in the way of business. If the banks were regulated with proper oversight around those times, there's every chance it would've been nipped in the bud years earlier. I know that doesn't help much. You're only 44, you can still kick butt. I can say that because I stuffed up and got shat on through no fault of my own plenty of times but you gotta do the right thing by yourself and make things work for you again.
A short sale is initiated by the homeowner. Are you saying you did not make that choice? Being underwater means nothing unless you decide not to maintain your payments. In addition there were keep your home programs all over the country that helped home owners save their homes in case they lost their jobs.
I do not wish you harm or pain, but the right choices have to be made in times like those were. I have learned many painful lessons through life. Chalk this one up to a lesson and don't let it wreck you. You have everything you need already inside you to decide to make it a lesson and move on from it.
I had new century I feel your pain
excuses
@@jameshisself7375 it's not a voice when you can't afford to repay
Steal billions. No arrests. Steal a pack of cigarettes? Trial.
Well said.
Much like trump- CONVICTED on 34 felony counts, sued and owes $500 million, money gets him off, steal a pack of bread to feed your family- get arrested, fine, jail.
Well tell that to the chimpanzees raiding walmarts etc in California
If by “trial” you mean a ticket that won’t be pursued even if you don’t go to court, then sure
Yep. You take somebody's old purse that has nothing but used Kleenex and pennies, you're arrested and screwed. Take someone's $1K phone, forget it. You'll never have a job again. Steal billions and almost break the world's economy, walk free.
Could have done without the dramatic image of looking out the window or waking down the street every 14 seconds. This dude is a criminal not a victim. Just because he was the only one taken down doesn't make him less of a criminal.
I agree. That's how it goes when criminals act as a team. Some of them are covering their behind better than others and will avoid prosecution. Chances are, the most intelligent at the top will make sure there is someone under them to throw under the bus instead. That's what happened here. That whistleblower is the only one who refused to go down with the sinking ship.
Him and Lee Farkas from Taylor, Bean & Whittaker. (Who?)
He made the documentary and it is his idea to portray himself as a victim among bigger thieves.
This man and many greedy others ruined my life, an ordinary citizen who lost their pension and home. I can't watch this any longer. Why is this man free?
He's a CRYPTOJEW is why he's free
i understand your pain.. my dad's backhoe operating business collapsed during the 08 recession.. his relationship with his girlfriend collapsed (my mom & dad had been separated since I was a toddler).. and he started drinking heavily.. ultimately dying from alcohol induced liver failure among other things in 2012..
You can't loose a house you own.
@@Pipping-Hot yes you can.. if you have a mortgage you’re a home owner.. if you can’t make the payments your house goes into foreclosure and you lose it.. that’s called losing a house you own.. it’s also one of the driving factors behind the 08 recession..
@@Wontreplyeverdontbother wtf are you talking about it was almost certainly their pension manager that made these decisions, likely based on the fraudulent assurances of the government.
The brilliance of this well shot documentary is the fact that the main protagonist portrays himself as a victim and is so aligned with all of the big fish in the way they think, he is blind to the fact that this look at him is showing how much of a morally bankrupt psychopath he is. Look a lot of people commit murder, that doesn’t mean I join in and complain when I go to jail that my body count was not as bad as Al
Capone’s. He even was upset about the structure of his prison time put him amongst the “common criminals” he was upset that he was not given a higher status of entitlement in prison. To be separated from the animals in his mind. That should tell you everything you need to know about this person. He thinks exactly like the untouchables. He is just mad because he is not an untouchable not because he is a horrible person in his actions. He smiles saying I owe the American government 154 million dollars. Well he will never pay that back, so why is he free? This is a terrifying look at modern commerce. His only remorse is that he wasn’t very smart or powerful enough to get away with his criminal acts. His only remorse was getting caught. What a sincere jackass.
I think the point was that they all got away with it. Either they should've all been brought to justice, or he should've gotten away with it too. Main point being, look who gets convicted - never the big end of town, always the little guy. That's why it's going to happen again.
@@jvvoidmy friend I sincerely agree with you. Still, myself and you can also break financial laws like this person featured in the documentary. I live in Toronto. I could have joined many a scheme like this. But I didn’t. I squeaked by and I have my moral compass functioning. This individual who got caught would laugh at me and ask me where did that get me? Because the only currency he and other like him have as a human being is money. They are, for all intention and purpose of the word, psychopaths that choose capital greed to destroy other people’s lives. There is zero remorse. Just because we know the ultra elite 2 percent of the world get away with it and we accept it to keep some semblance of a civilized democracy functioning for the rest of us, just like Pharos did to Egyptian slaves. Doesn’t mean we act the way as well. First we can’t. We aren’t invited into the group so you will be the example they throw to the wolves. We will, one day, have to figure out how to get along as one society without power, money, or militant structures, religious dogma and oppression of made up class systems, with generational wealth to evolve as a human species. For now the world has settled on commerce for the last few thousand years to partner they with false man made dogma scriptures to keep people in line. Again, I do not know how we get to the Star Trek part of our evolution, which even that tv show uses a military structure, because our brains, not even in the greatest of science fiction, imagine any other way. One day in the far distant future we will be greater as a species. Today, all we can do is be the best individuals we can be to get to a better place. To use the excuse, well the other elite wealthy get to do it, is the same excuse a child gives or a teenager gives or an adult gives when they want to rationalize bad behaviour. It is the weakest of arguments to excuse yourself for being a horrible person like this man is in the documentary, who ruined lives because of what he personally did, only to say well everyone is doing it. Come on.
Immoral prat.
I was in the construction trades in SW Florida for over 2 decades doing well until the Building Dept quit issuing permits in 2008. I never really recovered from that to this day. George Carlin was spot on about America. I'm actually embarrassed to be a veteran. I feel like a sucker and loser. Fraudsters run everything these days, even the Presidency. I give up.
what most really can't see is WHO is really DOING this and WHO is "they"... And that's the reason why all of this is happening to us. Do you know who "they" are? Starts with a j - vvs
These clowns should have had to give any bonuses or golden parachutes back. The fact that they're walking away scot-free with millions and millions of dollars and not facing any charges is ridiculous.
Yep we bailed them out & now these same sorts of criminals are trying to do it again, 2016 was a retry nightmare with some of the same cast of characters Wilbur Ross, mortgage fraud Mnuchin etc etc & now trying again in 2025. G d help & be with the innocents of their g d awful behaviors
It's not ridiculous, it's America. They like to think they bow down to the God of Abraham, no - they bow down to the god of money.
@@MyWalk3296stop cussing God .
why would they face any charges when they didnt break the laws?
@@bjvu9460 You didn't pay attention to the video otherwise you would've never asked that question.
This ruined me and others that I know. I HATE EVERYTHING to do with finance and Wall Street. GREED is a mental illness, and we need to declare it.
And yet it will get worse
No it's not it's evil!!!
what most really can't see is WHO is really DOING this and WHO is "they"... And that's the reason why all of this is happening to us. Do you know who "they" are? Starts with a j - vvs
Begs the question; how bad will it be the next time? We've had around 15yrs. of asset inflation, with wages trailing further and further behind, and no major correction like we used to have before 2008.
It happened because a lack of government regulation facilitated the corruption that followed.That is not the case now there is no such thing as 40 to 1 leverage today and in fact all the wall street banks are in rude health.
Basel 2 at least prevents banks from borrowing to much compared to their own equity. Also raising the own equity higher. It mitigates the risk immensly.
@@hatersgonnalovethis The financial regulations brought in by Obama to guard against this type of thing happening again were removed by DRumpf in his 1st term. And over 75 million people think he's for the little guy.
The risk is higher and more profound right now, that is fact
Well, it is going to make the US a developing country. Literally. :D
I was in the middle of the mortgage industry from 2000. The root cause or the financial crisis was the rating agencies like moody Standard and Poor that rated these mortgage securities (NINJA mortgages) AAA when they should have been rated C or D. This is what made the whole machine work. If they were correctly rated then investors wouldn’t have invested and the banks and mortgage companies wouldn’t have originated them. I remember my coworkers and I telling each other- no way this can continue.
A classic case of paying the Auditors to value your business.
I worked at the setai, a property owned by lehman brothers and that place was run with the same mentality, I brought up a huge concern to my manager once and she said "doesn't matter if it's legal or not we'll just pay the fine."
Mr Baker you have learned an important lesson in life. You were the low hanging fruit that the justice system could pick with little doubt about your guilt. You provided a screen for those other people you talked about. Good job sir! Your greed and guilt (which you admitted) help to protect them. They appreciate your sacrifice (not really).
Talk about low lying fruit. Abacus bank, small Asian bank was the only bank investigated for great financial crisis. This is all a farce.
Mr Baker does not sound remorseful, just annoyed that he was caught and others were not. Never mind that you probably ruined many lives. Out in 10 years from a 20 year sentence, and still resentful.
Stalin called them “useful idiots.”
@@ivydickson7596 But that's the whole point - he's right to feel that way, because we, the 99%, feel that way. Why does the loner go down when the big end of town gets away with THOUSANDS of times worse, in dollar terms?? Too big to fail, they say, that's the excuse - and the public let them get away with it.
JUSTICE IS AN ILLUSION!!!
Isn't it just. Excuse the pun
@@hank.marvin tell that to O.J. Simpson, he got sorted
it's just us
what most really can't see is WHO is really DOING this and WHO is "they"... And that's the reason why all of this is happening to us. Do you know who "they" are? Starts with a j - vvs
If the average person steals money its called Fraud, if the Banks steals money its called business as usual. - The Golden Rule
Sorry but I disagree with your statement that we dont know who caused the crash of 2008. All one needs to do is look at the people and businesses that didn't lose anything aka Wall St, the banks, politicians and the like, and the government, who furtively bailed them out to avoid exposing the governments role in allowing this to happen.
I watched Bushes cabinet warn the senate about the possibility of this ballon bursting. And the people that ran Freddie Mac just laughed…..Especially Barney Frank. He should be in jail too. And don’t forget Bill Clinton and his cronies that changed the banking rules so banks had to start lending money to people with bad credit that had no chance of repaying.
what most really can't see is WHO is really DOING this and WHO is "they"... And that's the reason why all of this is happening to us. Do you know who "they" are? Starts with a j - vvs
This is where you get to when your mentality is "i don't care how much others above me make, as long as I have a bigger piece of what is left over"
On point. Those people most dangerous to society
That's why the potitics of envy and selfishness works so well now.
How soon most people forget...even want deregulation of this industry, it is insanity.
Why is this guy out of prison? First thing he says in the opening of the movie: why me and not others? Plays the victim. Well, that tells you how sorry he is for what he had done.
Yea. He should be in prison. Alongside all the others who never spent even 3 seconds in jail
That was my first thouht....
The whole point is that the people who are actually responsible aren't punished. He's a fall guy, The more important question, is why is that guy's lip so pink?
Because he served his sentence. Jfc
Have you read or watched "The Big Short"?
I feel bad for getting caught. There saved you a watch.
Its so much more than that.. Unfortunately. This is the story of the people who screwed an entire generation or two, around the world. 😢 Probably one of the worst crimes in the last 20 years.
I remember when I just got into crypto back in 2019 but later in 2020 I ended up selling it because I was dumb and I didn't understand it. I studied and learned and now I know how it works. Got back into crypto early in 2023 with 10k and I’m up with 128k in a short period of time . I was able to build a business from my returns
Honestly I really need help learning to trade. Seeing my portfolio low makes me very sad.
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
Finding financial advisors like ‘Sharon Ann Meny’ who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this. I'll send her an email to reach her, and I hope I'm able to make something out of it.
I believe that I should use this time to invest.
Lol im an underwriter at a car dealership and we hand these things out like candy on halloween 😂
That whole street is a scam. Not about how well a company is run or the product it produces. Not about inventory, just smoke and mirrors.
Beware false profits.
The key word, politicians.
No - GREED!
Both
In the UK, we had some thing called a self assessment loan. where you could basically make up your earnings based on what ever BS you wanted, then get a loan or mortgage based on that. Possibly worse than a ninja loan.
Sounds like it's equivalent
YOu still can BS only if you put 20% down.
Speed up to 1.25. You’re welcome
Thanks, very helpful. Very much help
thx!
Thank you sir
Doing the lord's work sir. lol
1.5 actually
“Hard times create strong men
Strong men create easy times
Easy times creates weak men
Weak men create hard times”
If you lived through it you are stronger than you realize. Keep going!
No one cares about being strong, they want money ha.
Hell yeah ☝️
I did
He is not even remoseful, it feels he enjoyed doing scam and will do in future if chance come.
I've met people identical to him. Different industries but similar mannerisms. Very common in small tech companies. They have absolutely no idea what they are doing but manage to get other senior people to part with money.
Why should he?
@@filmawayvlad he's a sociopath jew
@@filmawayvlad : Because he is a narcissistic criminal.
He's not the story.
Crazy how he natually drills it down to one penney when it was a theft of $300 Million!
You mean the US congress on both sides of the aisle who pushed lenders to give loans to people unqualified to pay them back???? Where are they????
Yeah funny how these revisionists left it out of the story.
It's happening again.
Not both sides, DEMOCRATS.
@ I am the most conservative Republican in the planet but the truth is, it was both sides.
Undisciplined, inexperienced, uneducated, ignorant politicians begging for votes.
@@sdlausen1 Right.. the DEMOCRATS were led by G.W.Bush. And you've got at least one other idiot who's given you a thumbs up, hahahaha.
Unbelievable that neither Fuld or his minions were not prosecuted and he is still at it 🤦♂️ working with the government now with all that printed money 🙄
Fuld is still just rolling in it, managing new funds. Living as large as one could live. Mind blowing.
Not only Fuld...every other CEO responsible for this crisis is enjoying life...
You missed Alan Greenspan whose constant rate cuts £ increases in banks leverage fuelled the crisis - no surprise that he got a $20MM signing bonus for joining Paulson & Co who bet with leverage so great that you’d need insider info to do so against the housing market!
Maurice (Hank) Greenberg
2008 wasn't even possible without him. Follow every rabbit hole and each will arrive at AIG.
Greed greed greed!!!!!!¡ and nobody went to jail.
They did however have many people attempting to find the addresses of these individuals.
Greed was on both ends during the crisis. Banks were greedy and so were the homebuyers. People buying homes way outside their budget without planning. The bankers who did insider trading or accounting scandals should’ve gone to jail but can’t arrest all bankers if no law was broken.
..."GREED"... What do you mean?... It is called... CAPITALISM!...
And why?
Because the government got involved in the bailout. Partner with, or become part of the gov't, and immunity is yours.
@@adamsmith275correction, crony capitalism. This is how you develop immunity.
AIG was the underpinning factor in the 2008 financial collapse.
Hank G was selling insurance, without buying reinsurance. Worse, he was distributing the premiums as profits.
That insurance was the problem.
CDS sold by AIG was a symptom that became popular because of the MBS originated by the big banks. I still think MBS was the real driver, CDS was something that grew out of it.
Part of the problem it all started with enron was the first wave
Hank Paulson, formerly Goldman Sachs, was Secretary of the Treasury protecting his pals.
These banks should all be owned by US Citizens. We paid their debt off. These CEOs, CFO, CRO... should have forfeited any paycheck or bonus. Why are they not in prison? This is sickening
we had a national bank for safe storing of payrolls, savings, and buying us govt bonds: it was called the Post Office Savings Bank. In the later 60s when banks wanted more they managed to get congress to get rid of it.
we still own our own banks: they're called credit unions - free-standing capitalist businesses selling financial services (and a safe place to store the money. beats under my mattress...) and it's co-operatively owned.
The guy ran a fraud. He deserved to go to jail. I agree that Wall Street bankers skated on what they did, but it doesn't mean he did commit a massive fraud.
I get the impression he wants revenge, not to protect the public. 'I got caught, so I will drop the dime on everyone else, too.' No, I am not defending the other banks but addressing the 'moral code' among thieves.
I think the overall point made here which you seem to have missed is the lower ranks end up in prison whilst the CEOs scoop up millions and left to enjoy their ill gotten gains.
@@Bulletguy07 No, I understand that point, and I agree that those overseeing this disaster walked away Scott-free.
@@Bulletguy07 : Read it again, it seems you have totally missed the point. He is a criminal with no remorse.
@@buildmotosykletist1987 And how many CEO enablers went to prison? Or don't you see them as criminals?
I owe 154 million dollars but I am not a big fish. He talks like it's 154 dollars and not millions. Totally delusional.
big fish is $50 billion, like Madoff...150 million in those circles is nothing.
@@immortality8860 He talks like its nothing but how else can some one talk about it.
He probably had something in the pipeline to pay it off.
That guy isn't the story. The big picture.
Haha
Wait'll you hear about the national debt and how if you earned $500,000 a DAY since the great pyramids were built you still wouldn't be able to put a dent in it
Applied for a home loan from Washington Mutual for $500k. It was approved in fifteen minutes while I waited. Two page application. Half a mill in 15 minutes.
If the wealth was divided like 30/70 rich to poor it would be so much better than 1/99.
What ,you think it is right to take from others who work hard a give to people who do little .I will not use this man as an example.But Elon musk worked like hundred hours a week ,he made his wealth happen and he has created well paying jobs for many ,so he gives this money away to lazy people,so Elon could not create wealth for people to work You sound like to many today , entitlement with no effort.
Australia was affected… goverment pension funds had bought loads of the mortgage bonds, i worked at Lehman and then barclays and i know a guy i worked with who had just come back from meeting his Austrialian pension fund clients in Australia, he said his clients were in tears during his meeting…the losses were so bad..
I lost almost all my superannuation in the 2008 crash
Of coarse we were affected but nothing like the US and UK/ Europe etc. because our banks are amongst the most heavily regulated in the world and so there was no subprime crisis. Hence Australia was one of the few countries that didnt experience the great recession.
Greed and delusion starts from the bottom, people with no money thinking they can borrow millions and pay it with a 50k job, 2kids and a wife. They were selling an illusion and people bought it. That’s what sales people do every day
I didn't buy into it and never will; thank God above!! 🙏
Luigi needs to pay these guys a visit
I wander if anything still can be done to prosecute this guys.
Human beings never cease to amaze me.
Wow that's intense! Give $50 Billion to level it off then get back $50 Billion to keep it going. Mind blowing 🤯
Turdeau made a law in 2016 that next time they purposely get banks in trouble the financial instututes can use depositors cash instead if tax dollars bailing them out😮 what better way for global wealth transfer to elites from middle class
I lived through this crises Wall Street came up with sub prime mortgages. No income. No job No asset. No credit There were variations like stated income. The higher the risk the higher the rate and the larger down payment. Car valets in Nevada all of a sudden were stating they made 100K. The US government did nothing. Wall Street wanted more and paid more to mortgage brokers. It was greed. And the local banker and the local broker took the blame
They were pressured by the Democratic party to come up with those programs "to ensure everyone has a shot at the american dream". Whether they could afford a mortgage or not.
Wallstreet didn't come up with this, Democrats in congress did.
Same ones trying to push crypto also
@@sdlausen1 Thats right, the Democrats who were led by G.W.Bush for over seven years before this came out.
Single mom working a temp job at that time at a Consumer Credit Counseling organization no less! The counselors there kept on me about why are you not a homeowner! I thought why would I buy a home when my financial security is based on a temp job at this time. But they kept pushing it “you should buy a home.” Didn’t listen to them as I knew I was in no position financially to buy a home! Others who knew they couldn’t really afford a home should have known better and done the same!
Riding that War economy. Iraq 2003, and the MIC in full gearing, including a revolution in US Gov Contractors getting gigs every where. A fabulous stow, and the US Dollar awash....
Student loan crisis is very similar, just showing your classes schedule qualifies you for $40,000 loan per year, with no proof of work, nothing, just a 19 year old that attends a school... same manipulation technique and greed like in subprime mortgages..
so why the government couldn't prosecute any of the big exec???
They on the same team.
One person you left out was Elliot Spitzer. His self promotion crusade to oust Hank Greenberg left AIG without a check on its Financial Products division, which resulted in AIG turbocharging the credit default swap market. Also, Henry Cisneros set the orignal ground work of pushing creative fiancing to increase homeownership. Finally you need to include Franklin Raines as well. There is plenty of blame to go around for the 2008 collapse.
No mention of Barney Frank in all this, eh? Hmmmm...... I think we've got your number, FD Finance. Lol
The Canadian did his time but he did blatant fraud. What the bankers did had the government regulation support. They then used accounting practices that were allowed yet morally wrong. People also approved loans out of greed and falsified them which is the real crime. Taking that to the top is pretty hard to do. The lack of government regulation led to the the crisis. The intelligence follows money. Smart people figure out ways to game what they are given to work with.
Peter Schiff 2006 Mortgage banks speech explains what was about to happen.
He’s a perma bear. He’ll be right eventually if you make a 10,000 predictions, I am sure one will be right eventually.
@@l.c.3150 He is right about the problem though, it´s just that they keep kicking the debt can down the road. Keeping a lid on the economy
We learned nothing from the GFC... the steal goes on and is 10x times as bad right now. Something wicked this way comes.
Well it's coming around again unfortunately and people are oblivious
It’s taking longer because it’s bigger this time.
@@jonathanandrew2909Is that so? What makes you say that? Housing is terrible right now but I dont see it. Not that people saw it coming in 08’ either.
@@BleuBelair well! If YOU don’t see it then it mustn’t be a problem!
Construction company owner that made it through the worst financial nightmare ever. Five years of hell
Not feeling too guilty while wearing a $20,000 submariner
100%
He mentioned offshore accounts. I assume he put some away for the times he worried about.
He has 0 regrets.
Almost feels proud of it.
Steel sub is not close to 20k, rather 9k new or 12k second hand
@Citricut2 actually a 40 mm stainless hulk is on Bob's watches for $20,495.
The bubble run-up and financial crisis of 2008 casts a very long shadow on a lot of people's lives. Personally, I will never recover what was lost. A lot of people will say the same thing about the cvid lockdowns, which were completely unnecessary. The world is not run by anyone even remotely honest or ethical.
Correct, both have destroyed my life
Jews never lost a penny, in fact PROFITTED
And still we have people in the United States that believe whoever they vote for is gonna be the one that makes it all better. It's insane that people think any of these snakes care about making our lives better.
You can't compare the motivation behind this shitshow with why people advised covid lockdowns.
The crisis caused the early death of many men in their late 40s- suicide/ heart attack.
And unlike other countries where death is the punishment, America let's them go right back to whatever they were doing.
The Canadian feeling sorry for himself was an unnecessary part of this documentary. “Poor me I only stole 154 million dollars and only ruined a smaller amount of lives.”
To clear some darkness with ironic humor.... Richard Fuld bears an uncannily, striking resemblance to actor William Fichtner's mob bank manager in the film "The Dark Knight Rises" (2012) of the Batman franchise ...... the epitome of a daring, steely, unrelenting character in a suit and tie, who deep down is nothing more than a barefaced, soulless crook.
He’s a coward on borrowed time from Satan himself
The party ended, the people at the party got rich and left everyone else with a massive hangover, bill and mess to cleanup and we’re still suffering from the hang over.
And guess what...a few ended up running Silicon Valley Bank...and...the expected happened...
I think white collar crime should be retitled as a malicious crime with the intent to do financial crimes to their victims. Should be taken more seriously with stricter penalties in the USA.
And what of the US government and industry players who relaxed the lending standards, eventually putting millions of people into subprime loans? Agreed, nobody forces another to take out a mortgage. But most people poorly manage their money and know very little about finance, which the lenders count on. The party goes on forever...until the music stops.
jail the deregulators ? how ?
Aren’t student loans a type of NINJA loan?
the private ones perhaps, less son the federal ones.
it's not justice. it's "just us"
I believe that the corruption is systemic, the whistleblower should have been listened to and his points acknowledged and changes made. Obviously, there is corruption much higher up to perpetrate this fraud.
As a borrower did you take a loan you couldn't afford? If so you contributed to the crisis. You are just as guilty as the bankers.
Exactly. I only borrowed what I could afford. That’s why I survived unscathed.
Agreed. A fool and his money are easily separated.
A lot of people don't want to hear it, but the 08-09 financial crisis was caused by the actions of many, many, many people and institutions who all made very bad decisions. That includes many consumers who made bad decisions. It's just the reality.
The regulations should have made that impossible but hey that would have affected the wealthy bankers profits.
Now do Insurance Companies
It is going on today in 2024, don't kid yourself if you think this is over, they just tripled the bets so this time it will be way worse. Nothing has changed.
After the South Sea Bubble and the Dutch tulip bubble one would think these would be enough to warn everyone.
why would you pay attention to warnings if there are no consequences? No consequences means no risk.
I don’t have the link to hand but Patrick Boyle on RUclips did a great analysis on bubbles. The tulip bubble in reality has little impact
RE bubble happening again. Memory is getting shorter these days.
Bubbles are part of human nature, just like war. The more things change the more they stay the same…
Highly recommend a movie called Margin Call. Star studded cast on this topic
I’m wondering why these CEO’s and high level exec’s couldn’t have been prosecuted under RICO? There are different ways and levels that these criminals could have been meant to pay for their decisions. It just seems that people like the AG, SEC, IRS, and other government entities were/are too lazy to give a damn. And when this type of happens again - and it will, everyone’s going to be looking around saying, “We never saw this coming.”
Governments are the biggest corporations and banks. Why do think the people that run them are any different
He should be telling his story from behind prison bars.
Bragging not paying taxes, how pathetic is he and those who are doing similar to him.
He said ‘I wanted to protect what I had’ … wouldn’t you do the same? …
but you never had that money in the first place, you took it from other people. Delusional.
Disturbing documentary and not for the obvious reasons of what we already know but for the character of Phillip J. Baker.
Firstly, he says that the public who were sold the dodgy loans falsified their financial information in their application. Thereby, he explains, both the public and the banks were complicit in the fraud. Only a banker could come up with that warped logic. He fails to acknowledge that a financial institution should NOT be selling something illegal to customers and making it appear legal. That's THEIR responsibility.
09:40 Secondly, when Baker was asked why he did it, he said 'to protect his money, his family and his power. That's what everybody does, isn't it?'
Well, no, Phillip, that's what criminals do. The fact that he tries to paint himself as a victim when he was prosecuted for defrauding customers of $250 million when the banks got away with it and defrauded billions is to miss the point. It's still a crime.
When the documentary concludes that as long as there is greed and bankers think they can get away with it, they are destined to make the same mistakes and plunge us all into another financial crisis. Mr Baker seems to be one of those people.
I agree. What does Phillip Baker’s ponzi scheme have to do with the 2008 crisis?
Hey nice to meet you. Have you met my friend Luigi?
10 plus years on still had impact on those lost jobs and real estate
I wanna know why there isn’t a whole 💩 ton of people, not in jail still because of this BS they created?
Released 2018.
Somebody get the contract!
The misery the greedy pigs at the top cause to normal people is mind-blowing
Wonder if this guy and many like him ever think about all the working class and middle class people who were destroyed by the GFC? I was almost one of them but made it by the skin of my neck. But I know people who were absolutely destroyed by this BS. Marriages, houses and businesses..... GONE.
Do clean regulators exist?
They did when they broke up Standard Oil and Bell Telephone. But a subset of people keep telling us to "trust the market", and so we do.
Regulatory capture.
@@gobot4455Breaking up Bell caused an explosion of innovation from sat on technology.
@@stephenphillips6245 yup. That's kind of the point. The same people who tell you regulation is bad and trust the market are the same who told us we couldn't afford to take action on acid rain, the hole in the ozone layer amd now climate change. Given their track record, I don't know why anyone pays them any attention.
What? Why would they?
Oh how the powerful and rich get away with their crimes and lifestyle today but when they must meet their maker, they will surely pay! I feel terrible for everyone this fraud affected, you know many still suffer to this day and many took their own ….
Saving the big banks was an unbelievable mistake by the FED that I still don't understand. They absolutely could deserve their collapse just to clean up the financial sector. Instead, they have paid a lot of bonuses to themselves on taxpayers money and they have the consequence that they will always be saved by the government.
Fulder owns Matrix Capital now.
another $300Million of "other people's money" under His control😮
Don’t forget the loans that were issued intentionally without the ability to repay.
The big Short 👌
Not!!
Ive always wondered, how does money " vanish"
How is the Baker case related to the 2008 crisis? Completely different crimes.
short selling was your first mistake , you could have probaly just stayed there 5-7 years without making a payment and then just modified , saw 1000s do it between 2007 and 2014
We seen what happens when the actions of many others are put all on one boogie man… people start empathizing with him… better be careful
2:39 Bro horizontally grew out of that sport coat 😂