Conflict of interest in the ratings of MBS’s fraud in the Muni’s you can’t trust the ratings agency’s or the banks...
Bank of America Muni Bid Rigging Payments May Be `Tip of the Iceberg’
Ex-Bank of America Muni Broker Enters Guilty Plea in Fraud Case
Credit-rating agencies at fault, senator says
“Sen. Richard C. Shelby of Alabama, the senior Republican on the Banking, Housing and Urban Affairs Committee, said hearings likely this fall may look into possible conflicts of interest, since the agencies are paid by the same banks whose debts they rate for resale.”
http://www.washingtontimes.com/news/2007/aug/21/credit-rating-agencies-at-fault-senator-says/
Ex-Bank of America Muni Broker Enters Guilty Plea in Fraud Case
http://www.businessweek.com/news/2010-09-10/ex-bank-of-america-muni-broker-enters-guilty-plea-in-fraud-case.html
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Very interesting. Another reason to hate thieving banksters. But the municipalities and other governmental entities issuing muni-bonds. They were/are borrowing far too much to keep all kinds of unneeded construction projects going so that hack politicians could get kickbacks, campaign donations and bribes from construction companies. In my county the taxpayers are on the hook for one billion dollars worth of unneeded school construction
The two biggest enemies of America are banksters/wall street and Democrat politicians who are are elected or in the vast bureaucracies staffed by these Democrat idiots and incompetent affirmative action queens. Plus gays adore working for the Federal government for the bulletproof medical coverage for them and their “domestic partner”