“There is a cause for all who believe in the brotherhood of man and the blessedness of justice.”

headline:greatlifequotes::Herbert H. Lehman


“The problem is that new types of mortgages that hold down monthly payments for families – helping many buy homes that they would not otherwise be able to afford – also require potentially far higher payments in future years.

The bill will soon start to come due in a serious way, as the initial period of fixed payments, typically set at artificially low rates, expires for millions of homeowners with adjustable-rate mortgages….

But in 2007, the portion will soar, with $1 trillion of the nation’s mortgage debt – or about 12 percent of it – switching to adjustable payments, according to the analysis.

The 2007 adjustments will almost certainly be the largest such turnover that has ever occurred.

The impact is not likely to derail the economy on its own, economists predict, but it will probably slow growth. For individual families, the problems could be significant.”//NYtimes2005

“Established players also dismiss critics as scare-mongers who do not understand the credit markets.

Rajeev Misra, co-head of credit derivatives at Deutsche Bank in London, believes that advances in documentation have made the market more secure.

“There have been so many credit defaults in the last three months, and yet despite the increase, there have been no disputes [between sellers and buyers of protection],” he added.

“Credit derivatives are not a new thing. The industry is getting very standardised with a lot of mature players.””//bbc2002

“The script, regulators say, is designed to deflect questions about rates and fees, swamp borrowers under masses of needless detail and foster a trusting atmosphere that would encourage customers to lower their guard….

”Establish a common bond,” the loan officers were taught. ”Find this early in the conversation to make the customer lower his guard.” The script listed good bond-building topics (family, jobs, children and pets) and emphasized, ”It’s really important to get them laughing.”

It offered another bit of advice: ”To soften the blow of dollar amounts, say: ‘merely,’ ‘simply,’ ‘only,’ ‘as you know.’

In the decision, the court sharply criticized First Alliance, which it said had ”trained its employees to use various methods, including deception, to sell its services.”…. seeking restitution on behalf of all citizens affected by certain deceptive business practices….Lehman Brothers has not only helped raise money for First Alliance despite its mounting legal troubles but, more recently, has taken a small investment stake in the firm….Some state laws may also provide a weapon, according to experts who cite a well-established legal principle in most states: those who knowingly finance illegal behavior can be held liable for it.

William J. Ahearn, a spokesman for Lehman, said the firm’s role in selling bonds backed by subprime loans, known in the financial world as underwriting, includes a careful review to make sure investors have the facts they need.”//nytimes2000

“The Financial Services Authority told brokers and traders in the £2.6 trillion credit derivatives market to clean up their back offices and system controls yesterday, warning that too many companies were failing to deal with the rapid growth in the sector.

In a letter to the chief executives of all major participants in the sector, the FSA said it had become concerned after uncovering a high level of unsigned transaction confirmations within certain firms. In some cases, it added, transactions had remained unconfirmed for months.”//independent2005

“Until now vague warnings about the pyramid nature of derivatives contracts have led to bland assurance from banks that there is no threat to their stability.

Mr Buffett says the banks simply have no idea what their exposure could be.”//telegraph2003

“They sat there and watched and did nothing, as they clearly should have known that we were building a system that was a house of cards.  And they enjoyed it and prospered from it…Recklessness, greed and a misunderstanding of what capitalism is all about, and a belief that financial services alone could generate wealth.

Financial services doesn’t really generate wealth.  Financial — the capital markets are designed to raise money and then apportion it to industries that are creative, whether it’s biotech or automotive, or anything else.

c Financial services should be a conduit.”///////Eliot Spitzer


“Next year, 1.4 million fixed-rate mortgages are due to come onto the new floating rates, which will be much more expensive. It’s the same thing that triggered the wave of repossessions across the US………..

‘So we’ll have to stop running around spending money like drunken sailors,’ I said.

‘Well, drunk sailors tend to be spending their own money,’ Tony said. ‘By contemporary standards they’re quite prudent.’”///lrb.1/2008


linkage::metafilter.. Jeff_Larson


“Climate change will wipe out most life on Earth by the end of this century and mankind is too late to avert catastrophe, a leading British climate scientist said……Campaigns to promote recycling and renewable energy sources such as wind and solar power are a waste of time, Lovelock adds, although he concedes that nuclear power will help meet growing demand for energy……Efforts should instead be focused on creating safe havens in areas which will escape the worst effects of climate change…….In his book, “The Vanishing Face of Gaia“, he adds: “We have to stop pretending that there is any possible way of returning to that lush, comfortable and beautiful Earth we left behind some time in the 20th century.”.//reuters


human being

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One comment on ““There is a cause for all who believe in the brotherhood of man and the blessedness of justice.”
  1. […] “There is a cause for all who believe in the brotherhood of man … […]

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