Piracy sails from high seas to C-suite Outside the Box - MarketWatch

See attached for article on the crimes by big government and business while the government says they are looking after the little guy. Wrong....read and think.

The crime is with big business and big government. Hand in hand they work together. A good example is

Raines while he was CEO at Fannie Mae. "Most of the crimes Raines committed while at Fannie Mae were paltry, petty graft. He demanded illegal accounting changes that inflated the company's earnings. As a result, he received huge amounts of fraudulent compensation – around $20 million per year. When his crimes were discovered, he resigned. Later, he agreed to a $3 million settlement with the government, which was paid by Fannie's insurance company. He also gave up $1.8 million in stock and options (which were later worth nothing in any case.) If you rob a bank, you go to jail. But if you steal $50 million-$100 million from the government's mortgage bank, you keep it all. That's New American Socialism.

Raines was disgraced by his own enormous greed and lack of character. But those crimes are merely an afterthought to the real damage he brought to our economy.

Raines was instrumental in building Fannie's mortgage portfolio to gargantuan proportions. And he was responsible for the company's move into subprime loans.

Rather than lend money to homeowners, Fannie's strategy was to buy mortgages from banks, which allowed them to banks to more homeowners. Fannie Mae also guaranteed mortgage loans across the industry, which allowed more private capital to become available. The theory was this made housing more affordable. It didn't. It only allowed banks to make risk-free loans, which led to vastly higher home prices, bigger banking profits, and huge profits for Fannie Mae at least temporarily. The downside was the whole system was a charade... a giant con job. Fannie never had the capital required to guarantee the loans it bought and insured. When the bubble inevitably popped, the U.S. taxpayers ended up footing the $500 billion bill." Source: Stansberry & Associates Investment Research - June 2011

Did the government programs and Raines at Fannie Mae make housing affordable? Answer is no....it only inflated the housing costs for all people. Now people are losing their houses thanks be to the big government program. Big government and big business are for the elite; they want to control and do control the masses. But notwithstanding what they say, they hurt the small and little guys......the serfs. Nothing really changes, history repeats, but the ways are just bit different.

Piracy sails from high seas to C-suite Outside the Box - MarketWatch