Last month, we discussed the great Pro-Publica investigation of self-dealing (and now bailed-out) banks, buying their own crappy paper when no one else would.

They just put out an interactive graphic showing the relationships between banks and specific derivatives

Have at it:

click for interactive gaphic


No One Left to Sell CDOs To? Sell to Yourself! (August 27th, 2010)

Category: Bailouts, Derivatives

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

12 Responses to “CDOs’ Interlocking Ownership”

  1. Greg0658 says:

    another cross ownership I’d like to see is in advertising .. like the ad campaign for “and it didn’t cost me one red cent” .. as well as the upcoming season for midterm (and beyond) elections .. like we don’t fund the election process up 1 side – down the other .. whether we otherwise would or not

  2. zozie says:

    That this is possible and indeed seems accepted as normal practice might explain why there was no “Swedish solution.” The alchemists have succeeded.

  3. b_thunder says:

    Where the @#&^ is Goldman and its CDOs?????

  4. obsvr-1 says:

    where’s goldman sachs ?? in this CDO pot of crap.

    a reminder of the widespread fraud, illegal, unethical and immoral behavior. The mass thievery is apparent to everyone (everyone that is being honest) — the populace move should be a call for more heads … it is happening in the political arena now with the anti-incumbent thrust. The financial crisis spans all sectors, has impacted millions of people, vaporized a ton of wealth and redistributed a ton more to the elite class — until there is some balance (justice) restored we are going to continue to be on the brink of ‘revolution’ .

  5. obsvr-1 says:

    Keeping the pressure on the enforcement activities – too bad it takes soooo long to investigate and prosecute. I am sure we can blame the lawyers on constructing barriers to swift justice….

    Senators question lack of Wall Street prosecutions

  6. inessence says:

    A tangled web indeed.

  7. constantnormal says:

    I stand in slack-jawed amazement at this graphic, and then I think of how the US Senate, as a body, fell all over themselves to throw money at these idiots.

    The Chinese would have handled things in a better way, instilling some appreciation of consequences into the banksters …

  8. rip says:

    @constant: The Chinese solution? Make the family pay for the bullet? I agree.

  9. mitchn says:

    Wow. Those boys work hard for their money….

  10. mathman says:

    i don’t think any of this will continue too much longer:

  11. d4winds says:

    The most salient fact, tho’ perhaps not all of its details, was well known in 2007-early 2008, well before Bear Stearns, etc. : “toxic assets” on the books of IBanks were all created by the IBanks themselves. They liked their own stuff so much they bought it, even engorged on it. As events subsequently showed, the only entity more colossally STUPID than the IBanks was Uncle.

  12. bruerr says:

    This recent disclosure of self-dealing should not surprise anyone, when compared to the bonus payouts (for managing black-faith loan books – Fedreserve/Treasury approved bailouts – all your Brokerage firms’ bad debts belong to the common – let us “fix” economy + plus record bonus pools on the side of it.)

    It is the epitome of self dealing.

    Or dealing from the bottom of the deck to friends at the table.

    Insider trading.


    The real surprise of this report, is that it was NOT produced by the U.S. Prosecuting Attorneys Office nor the SEC, working in conjunction with the FBI, and HomeLand Security.

    A blogger developed this evidential work up.

    What does that tell you about Homeland Security, CIA and FBI glad handers?

    For all the contributions of the commoner-class and middle to give them benefits, nice place to work, and also technology to use, it does not seem to be enough for them to help us when trouble comes to our shores and miscreants populate the financial districts or business community. Interstate commerce be damned. We get NO protection from enemies domestic who distribute what they (enemies domestic) themselves call toxic “assets.”

    Ever met a religious zealot or Big-Bonus-receiving-Muslim financier from New York who confessed to receiving, handling, brokering or distributing toxic financial instruments throughout key parts of the U.S., or derivative-parts of same type products with a group of bad loans packaged or bundled with other “asset” classes, inside the United States, during a war, and got a bail out from a U.S. agency for their efforts?

    I think they like to call it “highly complex” work product?

    Self dealing is an understatement.

    I will agree it is important to take the emotional component out of the abuse of discretion perpetrated and manifesting daily, and focus on the problem at hand. Self -dealing is a good way to take the emotional component out of the focus.

    Crooks and frauds abound. U.S. citizenry get nothing for all they pay in lives and in money to protect their boarders from just such occurrences and exploitations.

    Prior economic crisis and scandals were based on “reduced standards in lending.” Black faith businesses executing a “walk-away” business plan after managing a bad loan portfolio. Now it seems the same actors on the side of Neil being escorted to Court, enjoy corrupting ratings agencies. I am sure CIA directors since 1981-86 are glad Neil Bush got off with a minimal fine and how well that has served the nation “going forward.”

    When was the last time the nation saw a successful prosecution of a Senator being corrupted on the side of a ratings agency benig likelwise corrupted?

    What – the intelligence community expects the private sector to prosecute that too, as well as put the evidence together on a silver platter?

    What is it exactly that the common class and middle are paying for? The intelligence community, and there are supposedly a network of 7-9 unique agencies, cannot produce one decent and respectful report, that recognizes the common and middle class veterans and seniors as being imposed upon, too much, and too often.

    This government since 2001 has been monitoring flow of funds over 10k. By looking at this report and seeing that no similar work product or report is produced by the intelligence community, I think it is safe to say American is being short-changed. Ad infinitum.

    Add nausea.


    Again, the real surprise of this report is that it was NOT produced by a U.S. Funded intelligence agency, acting in good faith to protect the common class or middle (the other 94 percent of the population) from Abuse of Office, exploitation and indiscretion, Abuse of Discretion indulgence, Constructive Fraud, Fraud in the Inducement, top officials lying to Congress, Fraudulent Conversion, small-group-abuses or extremist-financial-activity and about 5 or 6 other types of White collar criminal frauds.

    The main offenders sliced and diced and served up fraud after fraud, corrupted rating agencies on the side, and for all the money paid into protection rackets, the commoner and middle got NO protection from it. Two years after much of the toxic garbage was spilled onto our lives, I have not seen one evidential report that was geared to crush the offending executives involved and send out a message of what is NOT tolerable. And in this last I am not talking about a narrow focus on Lehman or Bear while letting crooks at MER, German, French and Scottish backed banks, JPM, MS and GS go free.

    That the intelligence community is playing dumb is the most unkind cut of all.

    We give them our sons and daughters, uncles and fathers, more money than they know what to do with and more long term benefits they could possibly need.

    What more do they want?