Comment by tonytran2015: (The-parasites-of-western-economy-part-10: Greedy-politicians-overpaid-with-our-tax-money posted on 21 August 2018 , The-parasites-of-western-economy-part-11: Vulture-funds posted on 18 October 2018).
take the example of your local Mom and Pop coffee shop. Let’s say the place was bought a few years ago for $50k. In the interim the place was losing business steadily. New investors came in and bought it for $20k. They then turned around and
decided to unload it for the same $20k.
Would the government then make up the difference for what it was worth a few years ago and give the sellers the difference of $ 30k? NO WAY IN HELL! Yet, for Mnuchin and his
partners committing what I call ‘Legal Crime’ that is what Uncle Sam did for them… and did it happily to ‘Save the Economy’. Glantz explains how when Mnuchin and Co. took over Indy Mac bank in a fire sale, changed
its name to One West, they were holding thousands of toxic mortgages.
These were homes that were foreclosed or ready to be foreclosed. One example would be if a home had been assessed at $ 300k and was now worth
One West would sell the home for the $100k and the FDIC would repay them the difference of $ 200k. I kid you
not!! Sheila Bair, the head of the FDIC at the time, actually stated
that this was done to save our economy.