25 People to Blame for the Financial Crisis
The good intentions, bad managers and greed behind the meltdown
Marion and Herb Sandler
In the early 1980s, the Sandlers’ World Savings Bank became the first to sell a tricky home loan called the option ARM. And they pushed the mortgage, which offered several ways to back-load your loan and thereby reduce your early payments, with increasing zeal and misleading advertisements over the next two decades. The couple pocketed $2.3 billion when they sold their bank to Wachovia in 2006. But losses on World Savings’ loan portfolio led to the implosion of Wachovia, which was sold under duress late last year to Wells Fargo.
The Sandlers respond here: “Don’t Pin the Blame on Us”
http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877343,00.html #ixzz1ftMHKhVr
The forbidden skit: ... SNL’s Soros/Sandler bailout satire (it was great,it's been pulled)
Soros, Sandler's Destroy 50,000 Jobs and Silence SNL
Missing Saturday Night Live Video Explained>
-PJ