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ObtotheR t1_j3mw1ve wrote

Reply to comment by NLuvWithAnIndian in Woman sentenced to three years in state prison for collecting $400,000 in viral GoFundMe scam by AudibleNod

That’s what still fucking infuriates me. None of them got any punishment for the lives the destroyed. My dad is working in his 70s because his retirement 401k practically disappeared. None of them got anything but a fucking bailout to save their asses.

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asdaaaaaaaa t1_j3n0rl6 wrote

System working as intended. It's in their best interest to not go after each other all the time, at the expense of everyone else.

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clifmo t1_j3o1kez wrote

Fun fact! I work in a building that was massive loan services processing center specializing in mortgage backed securities. The feds definitely raided and confiscated the whole building and all company assets. The owner was convicted on 14 counts and sentenced to 30 years back in 2011. There was an entire episode of CNBC American Greed about it. https://en.m.wikipedia.org/wiki/Taylor,Bean%26_Whitaker

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ONESNZER0S t1_j3p14w3 wrote

Wasn't that a relatively small player though? They never did anything to the big name execs.

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azurleaf t1_j3r1c2d wrote

Many people don't realize that some mortgage processors, like Fannie Mae and Freddie Mac, were completely bought out and taken over by the US Government for the 2008 fiasco.

They were publicly traded companies, and still are some of the largest in the world. Part of the bailout deal was a hostile takeover, and that they send all profits to the US Treasury indefinitely. The entire company was basically gutted and replaced.

Not every high ranking rich dude got off scott free, but a lot of them did.

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goodDayM t1_j3o8ek8 wrote

> his retirement 401k practically disappeared.

Out of curiosity, what did he choose to invest in? Did he choose to go all-in on one or a few stocks? Or did he choose to sell all his investments near the bottom in spring 2009?

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Jkay064 t1_j3oriu0 wrote

That’s an easy one to deduce. The poor old guy panic-sold at the bottom. A guy who rode the commuter bus with me did the exact same thing.

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goodDayM t1_j3oz1mo wrote

Sure that was my guess too, but I thought I'd ask him. And in that case, if they just rode it out instead of panic selling they would have been fine.

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clifmo t1_j3o1hqf wrote

Fun fact! I work in a building that was massive loan services processing center specializing in mortgage backed securities. The feds definitely raided and confiscated the whole building and all company assets. The owner was convicted on 14 counts and sentenced to 30 years back in 2011. There was an entire episode of CNBC American Greed about it. https://en.m.wikipedia.org/wiki/Taylor,Bean%26_Whitaker

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