Loan Modification

The Wall Street Journal has put forward an article that adds color to the general view I have always held about securitization, risk-shedding, and what I allege amounts to organized, systemic fraud by our "big banks."

While they focused on Goldman Sachs, it is a serious error to maintain focus there as a "universal" or "sole" villain. Quite to the contrary - the entire financial system became one gigantic fraud machine during the last 20 and especially the last 10 years.