ITS OK, THEY DEFRAUDED DUSSELDORF BANKSTAS

The shadiest player in the Goldman Sachs drama may be neither Goldman nor John Paulson, but the German bank that the SEC maintains was duped in the scheme. John Carney details how the bank itself engaged in a pattern of dirty trading tactics that caused billions in losses. 


Read about it here: Daily Beast

You want to know what is not so funny about the revelations in the article. IKB apparently laid a big chunk if its exosure off on Calyon, the investment banking subsidiary of a big French Bank. Guess which French entity laid of $2.3 billion to AIG? $2.3 Billion that eventually got paid 100 cents on the dollar by Timmy G. You guessed it. Now whose tentacles would you guess "facilitated all of these funny trades? Will you take that bet?

This is not an ABACUS trade, this is a RAT-keteering enterprise. Time for someone to construct a RICO case that starts with a liar loan manufactuting operation, moves to repackaging and pushing toxic garbage and then facilitating derivative bets that are 2Big2fail and eventually bailed. Any prosecutor with a fraction of Elliot Spitzer's imagination would be feverishly working to construct this type of a criminal complaint.

But they won't. And do you want to know why? Because Uncle Benny needs his prime dealers to sell funny loans to China.

I say we just flush ALL of the subprime rats down the same subprime toilet.