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View Diary: HIDDEN SECRETS: Countrywide, Bank of America & The US Patent Office (43 comments)

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  •  Glass Steagall does not apply to shadow (0+ / 0-)

    bankers.

    Many millions of mortgages never touched a commercial bank.

    "The way to see by faith is to shut the eye of reason." - Thomas Paine

    by shrike on Wed Feb 06, 2013 at 06:37:04 PM PST

    [ Parent ]

    •  It applies to the conduits who facilitated (0+ / 0-)

      $Trillions to pour from EVERYWHERE, through the TBTFs, to all the smaller players.

      Glass Steagall would have protected non-commercial banking from taking the hits from the -shall I demure? OK - less than responsible commercial entities.

      It's difficult to be happy knowing so many suffer. We must unite.

      by War on Error on Wed Feb 06, 2013 at 06:51:04 PM PST

      [ Parent ]

      •  No it doesn't. (0+ / 0-)

        If I sell you a mortgage through my local Jackass Mortgage Company and pocket the fees then resell the paper to Lehman Sisters when does a commercial bank get involved?

        Never.

        G-S only applied to commercial banks who wanted to get involved in I-banking.

        "The way to see by faith is to shut the eye of reason." - Thomas Paine

        by shrike on Wed Feb 06, 2013 at 06:55:53 PM PST

        [ Parent ]

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