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Bernie Madoff's Shady Schemes Should Have Set off Alarms Long Ago

Discussion in 'The Economy' started by Tropo, 17th Dec, 2008.

  1. Tropo

    Tropo Well-Known Member

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    Bernie Madoff's Shady Schemes Should Have Set off Alarms Long Ago

    ".....sounds like he's reading from the same damage control playbook as former Fannie Mae CEO Franklin Raines.
    According to Raines, he can't be blamed for what happened at Fannie Mae because mortgage stuff is so, well, complicated.
    In fact, he can't even understand his own mortgage:
    "I know I can't and I've tried," Raines told a House committee last week."
    To this day, I don't know what it said…
    It's impossible for the average person to understand" mortgage terms such as negative amortization.
    In other words, Who Could Have Known?"
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