You are hereForums / ADS Forums / Central US / World Financial Problems

World Financial Problems


60 Minutes - Herb Sandler, - World Savings – Wachovia. – Subprime lender.

http://www.cbsnews.com/stories/2009/02/13/60minutes/main4801309.shtml

… Herb and Marion Sandler are now being vilified as ruthless home lenders who helped destroy Wachovia Corp. and contributed to the financial decay that led to the U.S. government's $700 billion rescue plan to buy rotten mortgages. …

http://www.iht.com/articles/ap/2008/10/05/america/Wachovia-Sandler.php

Both are the products of immigrant Jewish families. He tells how his father, the son of a Russian barber, became a lawyer without even attending college. Characteristically, Herb Sandler says his wife's story is more interesting. …
http://www.sfgate.com/cgi-bin/article.cgi?f=/chronicle/archive/2006/06/0...

http://en.wikipedia.org/wiki/Herb_Sandler

The Sandlers, Bay Area billionaires who made their fortune in finance, have given hundreds of thousands of dollars to Democrats. That's enough to make a conservative or a skeptic wary about their intentions in setting up "ProPublica."
But as Businessweek reports, the Sandlers aren't just big fans of Democrats — they're big fans of Jewish causes, and have given handsomely to those projects, as well. And naturally, both are Jewish.

http://www.theoccidentalobserver.com/authors/Donovan-Sandlers.html

… Herbert and Marion Sandler, who built Golden West into a mortgage mill, made off with $2.4 bn in the deal. …
http://emac.blogs.foxbusiness.com/2009/02/13/inside-the-head-of-a-bank-ceo/

25 Financial Crisis Culprits.

Here’s the list:

1.) Christopher Cox: Former SEC head, criticized for regulation failures.

2.) Angelo Mozilo: Co-founder of Countrywide, a lender known for dodgy mortgages.

3.) Joe Cassano: Pushed credit-default swaps at AIG.

4.) Franklin Raines: CEO of Fannie Mae when things started to go sour.

5.) Phil Gramm: Former senator and deregulation cheerleader.

6.) Kathleen Corbet: At Standard and Poor's, doled out high ratings to dicey securities.

7.) Dick Fuld: Encouraged subprime lending as CEO of Lehman Brothers.

8.) Ian McCarthy: Head of Beazer Homes and poster child for homebuilder excesses.

9.) Bernard Madoff: Allegedly masterminded the biggest financial fraud ever.

10.) Herb and Marion Sandler: Sold risky and elaborate home loans through their World Savings Bank.

11.) Stan O'Neal: In charge of Merrill Lynch when company pivoted from asset management to taking on subprime mortgage bonds.

12.) John Devany: Hedge fund manager that bought up mortgage bonds by the shovelful, making it wildly profitable to for lenders to push questionable loans.

13.) Sandy Weill: Transformed Citigroup into financial services titan, setting the model for "too big to fail."

14.) Jimmy Cayne: Hands off approach to leading Bear Strearns didn't work so well given the company's spectacular implosion last spring.

15.) David Oddsson: Former president of Iceland and governor of its central bank, oversaw reckless leveraging at its three main banks.

16.) George W. Bush: As president, emphasized deregulation.

17.) The American Consumer: Racked up debt, spent cash like it was paper, and failed to build up a nest egg.

18.) Alan Greenspan: Former Federal Reserve chairman who now admits that the markets don't regulate themselves.

19.) Hank Paulson: Secretary of the Treasury when the first half of the $700 billion bank bailout was dispensed. Critics say the initial $350 billion was spent wastefully.

20.) David Lereah: Chief economist at National Association of Realtors who kept pushing real estate boom even after things began to go bust.

21.) Lew Ranieri: Salomon trader who helped create mortgage-backed bonds.

22.) Fred Goodwin: As head of Royal Bank of Scotland, took the takeover craze so far that he overstretched the bank's capital reserves.

23.) Bill Clinton: As president, loosened financial regulations, setting the stage for a permissive lending environment and our current crisis.

24.) Wen Jiabao: Partly responsible for having Chinese government extend cheap credit to the United States, ensuring that the American consumer wasn't alone in living beyond its means.

25.) Burton Jablin: Ran programming at Scripps Networks, owner of HGTV (House & Garden Television), which encouraged viewers to play the housing game.

http://www.cbsnews.com/blogs/2009/02/12/politics/politicalhotsheet/entry...

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Another Ponzi Game? - Is Stanford Financial's Offer Too Good to Be True?

… Over the past 12 months, the stock market and hedge funds have lost huge amounts of value even as Houston-based Stanford Financial Group continued to pay out above-average returns and claimed to have boosted the assets it oversees by 30%, to more than $50 billion. …

http://www.businessweek.com/magazine/content/09_08/b4120022131798.htm?ch...

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Informed Activist

Support WarIsACrime



Donate.








Tweet your Congress critters here.


Advertise on this site!




Facebook      Twitter





Our Stores:























Movie Memorabilia.



The log-in box below is only for bloggers. Nobody else will be able to log in because we have not figured out how to stop voluminous spam ruining the site. If you would like us to have the resources to figure that out please donate. If you would like to receive occasional emails please sign up. If you would like to be a blogger here please send your resume.
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.