Posted 4 years ago on April 11, 2012, 11:25 p.m. EST by Recycleman
This content is user submitted and not an official statement
We didn't have a housing crisis. We had a profit enhancing sales technique.
Goldman sacks created a fund to acquire mortgages. They sorted them according to value.
They bundled the lowest value mortgages together. The ones that were overdue and overvalued. Marketed the new package as a good investment to retirement funds and anyone they could swindle.
GS then took position that the package they were selling would fail. They invested millions against the package.
GS then pushed for default on the mortgages in the package.
They made 100s of millions off of the failure of the package.
They made money at the expense of all Americans.