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Business news without the bullshit
The paperwork wasn't "lost"
It was shredded
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Forensic accounting with Karl Denninger
Recognize the name Karl Denninger?
He and a few friends started the Tea Party movement - and promptly left it when it became a right wing Republican plaything.
The original Tea Party issue?
Financial fraud on Wall Street and the need to jail the perpetrators.
Have you heard any of the Tea Party candidates even mention this subject?
Anyway, Denninger points out a chilling reality: Bankers don't lose loan documents. They have hundreds of years (thousands in you include Babylon) of experience keeping their paperwork (and clay tablets) straight.
So what happened to all that real estate loan paperwork?
The banks shredded it.
Most of the loans were fraudulent from the get-go.
The loan agents lied...the loan packagers lied...the rating agencies lied...the investment banks lied...the Fed lied...the Congress lied...the White House lied...
It was a gold rush of fraud, directed from the top - and now it's coming unraveled. I guarantee the next two years will be very "interesting."
Karl Denninger knows where the bodies are buried and all he needed to find the problem was a $5 calendar and the ability to read the English language.
Karl's report on what happened to the Tea Party - it's market-related:
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