Comments on: A Fool and His Money….

By: dustbury.com » Apparently there’s a banker born every minute

dustbury.com » Apparently there’s a banker born every minute — Wed, 17 Jun 2009 11:58:52 +0000

[...] (Via a very impressed Steve Verdon.) [...]

By: bigfire

bigfire — Wed, 17 Jun 2009 02:07:21 +0000

This illustrates the importance of reading the whole thing.

The banks were lure by the 30%-40% default rate that they can afford to pay 70 cents on a dollar to get a dollar. Amherst is counting on them not reading the provision of the CDS vendor back filling the mortage thus nullifying CDS. And to think, these bankers were paid big bucks and they missed it.

Well, this is a one time only event, I sincerly doubt if Amherst can pull off this scam again, and they're most certaintly going to be black balled by the banks that got burned.

By: Drew

Drew — Tue, 16 Jun 2009 23:56:25 +0000

Tee-he-he-he

This ain't for the faint of heart.