Been quoted before but how the hell did this guy get any investors to buy his toxic crap with quotes like this:
“The consumer has to be an idiot to take on those loans,” he said. “But it has been one of our best-performing investments.”
His arguement was that the assets behind the money were valuable (aka homes) but that’s assuming they don’t fall in value… Well Mr. Bigshot is probably hemmoraging cash now and having to answer tough questions. So much for the big boat, cars, jets, houses, etc.