A slide on economic meltdown in America and comments on those behind it.

1. HELL IS EMPTY ‘ALL THE DEVILS ARE HERE
BETHANY MCLEAN & JOSEPH NOCERA
ALL RIGHTS RESERVED’

2. TERMS
Credit Default Swap: ‘CDS are a financial instrument for swapping the risk of
debt default. The seller of a credit default swap receives monthly payments
from the buyer. If the debt instrument defaults they have to pay the agreed
amount to the buyer of the credit default swap’.
Derivatives. ‘A derivative is a contract between two or more parties whose value
is based on an agreed-upon underlying financial asset, index or security.
Common underlying instruments include: bonds, commodities, currencies,
interest rates, market indexes and stocks’.
Subprime loan. ‘Making loans to people who may have difficulty maintaining the
repayment schedule, sometimes reflecting setbacks, such as unemployment,
divorce, medical emergencies’,

4. ANGELO MOZILO
The CEO Countrywide. Under him the company became one of the largest
mortgage companies in the USA. His vision was to provide homes for the
average American. This was truncated by self-indulgence and the impact of
his peers in the industry.’Mozilo was an extremely dark skinned Italian-
American and very sensitive about his heritage’

5. ROLAND ARNALL
He is a humanitarian with a diplomatic sensitivity. He built Amerinquest, a
subprime lending company that used misleading lending principles.

6. HANK GREENBERG
He built and ran AIG like a private property. He was the only person privy to
all the secrets of the firm.

7. STAN O'NEAL
He is a proud man who destroyed Goldman Sachs by promoting acolytes
into sensitive positions and removing best hands from office.

8. LLOYED BLANKFEIN
He shifted Goldman Sachs from a customer friendly firm to the one that
relegated customers’ interest to the background for selfish reasons.

9. FRANKLIN RAINES
In Fannie Mae, he intimidated federal regulators and steered his firm away
from the original intent; to aid the poor to own a home.

10. TREASURER HANK PAULSON
He believed the takeover of Fannie Mae and Freddie Mac was the single thing
he did that he had no apologies for.

12. ALAN GREENSPAN
The Federal Reserve chairman who supported private enterprise and refused to
accept the looming evidence of mortgage bubble. He could not control the
unethical practices that nearly destroyed Wall Street and inflicted financial pains in
America.

15. A CARTOON ON REGULATIONS
ALL RIGHTS RESERVED

16. ‘SURELY THE SECOND COMING IS AT HAND’ W.B YEATS
ALL RIGHTS RESERVED

17. THANK YOU