Money for Nothing

Editor,

The bottom line is that worthless mortgages bundled in any form whatsoever are worthless, and whoever accepts them as collateral, meaning the Fed, will lose whatever money they loan in exchange for them.

Money for nothing has always been the Holy Grail for American corporations in general and Wall Street in particular. This time their MBA sharpies dreamed up a scheme that was so convoluted it seemed the bag and the suckers holding it would remain buried . . . what? Forever?

No, the chickens always come home to roost, like in the hostile takeover mania in the 80's, or the Savings and Loan scandal, or the "creative accounting" felonies of the 90's.

And the liars, cheats, and scoundrels always make off with their millions, while everyday working schmoes innocently standing by wind up broke or unemployed, or this time even worse.

re: "Wall Street Casualties" (9/16/2008)