The NEW Bad Company.... 144' of pure badness!!!

Discussion in 'Fishing Chit Chat' started by ?? fisherman, Jun 29, 2018.

  1. Brass_Slacks

    Brass_Slacks Well-Known "Member"

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    Wall Street isn’t doing anything currently that they weren’t doing under Obama, Bush, Clinton etc.
    Don’t fool yourself into thinking that calling a scam something other than a scam makes it something other than a scam.
     
  2. strackle99

    strackle99 I've posted enough I should edit this section

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    May 22 2018 - Congress approved first major Dodd-Frank rollback.
     
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  3. BiggestT

    BiggestT I've posted enough I should edit this section

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    "Pretty sure Bush presided over the meltdown, and Obama cleaned it up.

    Sure glad Trump rolled back Wall St. regs, so they can start gambling again.

    Warren wasnt elected until 2012. But, dont let facts get in the way of your misguided prejudice"

    Umm Glass-Steagal was repealed under Bill Clinton:

    The Glass-Steagall Act's partial repeal in 1999 by the Graham-Leach-Bliley Act (GLBA) is believed in some circles to have contributed to the 2008 global credit crisis. Commercial banks worldwide were saddled with billions of dollars in losses, due to the excessive exposure of their investment banking arms to derivatives and securities, tied to U.S. home prices.

    The recently passed Crapo Bill does nothing to help big Wall St. Banks:

    The Dodd-Frank bill, which was passed in 2010 in response to the financial crisis, aimed to decrease various risks across the financial system and increase regulatory oversight to prevent such a meltdown from happening again. Republicans have wanted to unravel Dodd-Frank essentially since it became law, and President Donald Trump vowed to “do a big number” on it soon after taking office.

    At the core of the Crapo bill is the assumption that the Dodd-Frank financial overhaul was overly aggressive and harmed smaller banks in attempting to rein in the larger financial institutions that caused the 2008 financial crisis.

    The provision of the bill that has garnered the most attention is one that would raise the threshold at which banks are subject to certain federal oversight, including stress tests that measure a bank’s ability to withstand an economic downturn. Under current law, banks with assets of $50 billion or more are considered systematically important financial institutions (often referred to as SIFIs) and are therefore subject to stricter oversight from the Federal Reserve.

    The Senate bill would increase the SIFI threshold to $250 billion. Banks with assets of less than $100 billion would be freed of current oversight requirements, and those between $100 billion and $250 billion would no longer be subject to tougher rules after 18 months, although the Fed could determine periodic stress tests and other tailored oversight measures. That would free up a lot of regional banks from the heightened regulatory scrutiny they face today, including BB&T, SunTrust Banks, Key Bank, and American Express. The bill could affect about two dozen banks in total.

    The Volcker rule, mandated by the 2010 Dodd-Frank reforms spurred by the financial crisis, prohibits banks with federally insured deposits from trading for their own profit rather than on behalf of customers. They are also limited in owning or investing in hedge funds or private equity funds.

    http://www.latimes.com/business/la-fi-volcker-rule-federal-reserve-20180530-story.html

    "The Federal Reserve Board on Wednesday took the first step toward loosening the Volcker Rule restrictions on investment trades by large banks as Republicans press forward with a deregulatory agenda sought by Wall Street."

    It would appear, no it's obvious that you're the one who needs a little educating. Seeing as though I am a banking regulator working at the Fed, I happen to know just a little bit about this subject.

    Fact is Anthony Hsieh's mortgaqe lending businesses did focus on subprime mortgage originations and did contribute to the financial crisis. I'll give him credit for hitching a ride at the right time and selling out at the right time, making a bundle of money.

    I am no fan of the ignorant borrowers who lost homes because of the aggressive loans they took on to purchase homes in an overheated market which was driven by loose availability of loans. What part of "you must pay back" a loan did they not understand? Equally, people like Hsieh, and firms like Citibank, BofA, Countrywide, WAMU, and Goldenstate Financial took advantage of the situation. It took multiple parties to create the mess. Just pointing out that Mr. Bad Company was one of them. I don't give him slack just because he fishes.

    https://www.cbsnews.com/news/mortga...h-says-hes-no-predator-and-plans-to-prove-it/

    Is Anthony Hsieh a visionary entrepreneur, a gritty salesman or a huckster?

    That's what I set out to determine after learning this week that the former president of LendingTree.com and founder of other online mortgage companies is back in action with a new Internet lending startup, LoanDepot.com. My conclusion, after speaking to Hsieh -- he's all of the above.

    "There's no doubt that the mortgage industry has been tainted over the last 24 months because of activities in our industry," Hsieh, 44, told me in an interview, acknowledging that much of the bad press is deserved.

    "The secondary market got so sophisticated and injected so much cash in the industry that some, and perhaps most, lenders forgot their fundamental objective -- lending to people you believe are good credit risks on the loans you make," he added. "The objective changed to making loans that could be sold in the secondary market."
     
    Last edited: Jul 1, 2018
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  4. Vigilant32

    Vigilant32 I've posted enough I should edit this section

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    When yield hogs were fat and their tranches looked to good to pass up, Wall Street wanted more of the pie.

    They started and funded wholesale lenders that flooded our office(s) seeking originations. Below subprime guidelines: 500 fico’s, 103% financing, no documentation of income or assets.

    They were willing to pay 2-3% discount points plus what ever the borrower paid in originations.

    As a direct lender that guaranteed our loans, I said “no way” are we funding or brokering that paper from my turndowned files.

    Angelo was a genius to create Alt-Doc A- loans, but it got away from everyone, including him and all the bond makers on Wall Street.
     
  5. Brass_Slacks

    Brass_Slacks Well-Known "Member"

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    I remember when that Bear Stearns neg-am time bomb product was being pushed by the account reps almost every day.
    Essentially these very unique and risky loan products that should only have been available to very sophisticated and well capitalized investors started being offered to anyone who could fog a mirror.
     
  6. BiggestT

    BiggestT I've posted enough I should edit this section

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    Spot ^^^^ on. The securitisation market created an insatiable appetite for mortgage paper. The unscrupulous fed it.
     
  7. hucklongfin

    hucklongfin Deep release specialist

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    I don’t care how he made his money, the Bad Company is bad ass by any standard!
     
    Last edited: Jul 2, 2018
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  8. PE Pete

    PE Pete Tight lines PE Pete

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    Hey Mike, is she named after my favorite band?
     
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  9. ?? fisherman

    ?? fisherman super Captain

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    Whoa, what just took place here...... felt like a little hurricane just came rippn' through LOL

    So HEY......... how bout this boat!! :D

    upload_2018-7-1_22-21-13.jpeg

    The unknown fisherman:p:
     
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  10. ?? fisherman

    ?? fisherman super Captain

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    Sorry Pete, don't think so. :)

    But you will be happy to know, that years back when I fished against the Bad Co team in the local Catalina Marlin tournys, and the few boats that possibly had a nice fish to weigh would come into the Avalon harbor and wait their turn....... well The big crowds would gather up on the Pier to see what Rosey was about to put on the scale and weigh, and when it was Bad Co's turn, they would skillfully maneuver up to the pier dock near the weigh station, the boats killer sound system would be playing loudly Bad Companys signature song "Bad Company"...... and I gotta tell ya, it actually sent a little cool little chill/vibe in most people watching! Even being their competitor, it was still a pretty cool thing to watch!!


    Really miss those Catalina tournaments..... they were really a pretty awesome and special time back in the day!!

    The unknown fisherman:p:
     
    Last edited: Jul 1, 2018
  11. PE Pete

    PE Pete Tight lines PE Pete

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    Cool story bro and awesome Wakka
     
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  12. valleythunder

    valleythunder Newbie

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    You do realize that him filling that up is probably way less of a % of his wealth than you filling up yours?????
     
  13. BiggestT

    BiggestT I've posted enough I should edit this section

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    Global warming be damned!
     
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  14. Brass_Slacks

    Brass_Slacks Well-Known "Member"

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    Doesn’t use diesel.

    Runs on the tears of the proletariat.
     
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  15. The Right Kind

    The Right Kind Slave

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    Rumor is they caught an albacore while fishing for yellows west of Avalon.
     
  16. Brass_Slacks

    Brass_Slacks Well-Known "Member"

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    Waaay West.
    So far west it’s called a Tombo.
     
  17. mahi

    mahi Member

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    Barney Frank, democrat of NY, authored the legislation for the sub prime loans. It was called the Dodd-Frank bill.
    http://www.foxnews.com/opinion/2011...-have-to-worry-about-money-in-retirement.html
    http://archive.boston.com/bostonglo...ngerprints_are_all_over_the_financial_fiasco/
     
  18. BiggestT

    BiggestT I've posted enough I should edit this section

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    I own many oil stocks since the depths of the oil price shock. Great hedge against fuel costs.
     
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  19. strackle99

    strackle99 I've posted enough I should edit this section

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  20. kindafishy

    kindafishy I've posted enough I should edit this section

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    saw the boat at catalina yesterday......simply put, BAD ASS! this is why i keep buying lotto tickets.
     
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