The next financial shoe to drop…
The news is currently fascinated by the Somali pirates who are seizing tanker ships and holding them for ransom.
The story the media is missing are the pirates in suits who played with the world’s credit system by pushing huge cash loans on millions of people who had no way to pay them back.
Big loan portfolios = big bonuses so the bankers went wild.
The chickens are starting to come home to roost on this ill advised loans with devastating consequences.
Two insiders have blown the whistle on this little reported aspect of the sub-prime crisis and the carefully engineered sales machine that pumped out tens of billions of dollars in shaky, unsecured loans to people who never sought them out …