Banking crisis as 'bust-out' fraud? "The planned fraudulent establishment, operation, and demise...

[Hannah Bell]

of a seemingly legitimate business for the purpose of defrauding the business' trade creditors. ... The scheme, described as a 'form of planned bankruptcy,' .... is meant to leave 'the mulcted creditors ... to pick over the meatless carcass of an assetless enterprise'."

http://skepticaltexascpa.blogspot.com/2008/07/london-banker-on-covered-bonds_30.html


Friday, November 21, 2008
Bust-outs and the Paulson Mob

Yves Smith has a 9 November 2008 post at her Naked Capitalism that closely parallels my thinking about AIG'S bailout, i.e., it's a bankruptcy fraud. Here's a link: http://www.nakedcapitalism.com/2008/11/aig-looting-continues.html.

I describe a bustout at my 30 July 2008 post, http://skepticaltexascpa.blogspot.com/2008/07/london-banker-on-covered-bonds_30.html.


http://skepticaltexascpa.blogspot.com/2008/11/bust-outs-and-paulson-mob.html

[fed_up_mother]

1. ping for later reading. Thanks.

[Karenina]

6. Plus an R!

:kick:

[seemslikeadream]

2. F-R-A-U-D

[lovuian]

3. yep

yep

[JackRiddler]

4. Consider that the bailout (the Fed's) was the only way some of these...

derivatives were ever going to be paid off.

[earth mom]

5. FRAUD with a capitol F YOU AMERICA!

:grr: