Making money is not like I thought it would be. This business kills the part of life that is essential. For the past two years, my insides have felt like they are eating themselves. All the people I respected, won't talk to me anymore, except there are lawyers. People want an authority to tell them how to value things, but they choose this authority not based on facts or results. They choose it because it seems authoritative and familiar.
There is going to be a bailout. They knew the taxpayers would bail them out. They weren't being stupid. They just didn't care. I have a feeling that in a few years people are gonna be doing what they always do when the economy tanks. They will be blaming immigrants and poor people.
The banks took the money the American people gave them and used it to pay themselves hug bonuses and lobby Congress to kill big reform. And then they blamed immigrants and poor people. And this time, even teachers.
Mark Baum's wife, Cynthia, says Mark actually became gracious after the collapse and never said "I told you so" to anyone.
In 2015, several large banks began selling billions in something called a "bespoke tranche opportunity." Which, according to Bloomberg News, is just another name for a CDO.