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Subprime or Subcrime? Time To Investigate and Prosecute
French Bank freezes billions of US subprime funds: Subprime or Subcrime? Time To Investigate and Prosecute
"A French bank froze BILLIONS Thursday saying, “The complete evaporation of liquidity in certain market segments of the U.S. securitization market has made it impossible to value certain assets.” Translation from the French: "We are all in deep sh..".
On Thursday morning, President Bush was asked about this at a press conference. He blamed borrowers for not understanding the documents they signed. "If you have ever tried to read the documents banks prepare for mortgage closings, you will know that they are written by risk minimizing lawyers to be too long and dense to be understood." (Later in the day, the market reacted to his upbeat assessment with the Dow plunging 387 points.)"
The Washington Post reports that the US has started a bail out “pumping more than $150 billion into the financial system to keep it operating smoothly.” Where is this money coming from? Not from the military budget you can be sure."
Note EU-Digest: "Today Mr. Bush and Mr. Sarkozy, the new French President will be having lunch in Maine. With the above in mind most of us in Europe are hoping Mr. Sarkozy will start to water down his great admiration for the US economic system. It is in shambles. "
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