re: Vietnamese billionaire, Truong My Lan, sentenced to death for $44bn (£35bn) fraud

quote:

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Government basically forced them to issue sub prime loans

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Let’s go ahead and get you straightened out on this idea. The gov did not force anyone to issue sub-prime loans. As a matter of fact, sub-prime lending was roundly frowned upon by Wall Street<———-Initially.

Then, a few years later, when the brokers realized they could put that shite on their books, make 6 points, then sell the sub-prime garbage by mixing that shite into loan pools with “A Paper” credits, THAT is when shite got out of hand. Once Wall St figured out a way to make money with limited risk off that crap, that’s when shite got weird.