The gift that keeps on giving
- Posted by Martin on March 31st, 2008 filed in 2008 election, Barack Obama, Hillary Clinton, Martin
This story would never have seen the light of day in a previous time. But now the media are in full swoon over teh Obamessiahâ„¢, and these stories are ten-a-penny.
WASHINGTON - Hillary Rodham Clinton’s campaign manager, Maggie Williams, earned about $200,000 on the board of a Long Island subprime lender that charged prepayment penalties - a practice that Clinton, a critic of the subprime industry, now seeks to eliminate.
Notwithstanding that the ‘practice’ being referred to is entirely legal (and for many lenders makes perfect sense; if you originate loans and sell them on for the initial fees, then prepayment penalties are simply gravy, but if you finance your own loans at sensible loan-time fees, then you don’t want somebody getting out of their loan after 6 months, because it costs you money - the making of which is the raison d’etre for business), it’s pretty funny that the MSM would air this non-story when they turned a blind eye to much worse and far more egregious examples of malfeasance during the Clinton era.
But anyhoo, I still LOVE IT.
For added piquancy the story contains references to Hillary’s arse-about-face business worldview, which merely enhances the schadenfreudic vibrations I experience when reading it! par example:
“I would eliminate the prepayment penalties that lead to such high rates of default,” Clinton said in a March 24 speech at the University of Pennsylvania. “I would require lenders to take into account the borrower’s ability to pay property taxes and insurance fees when deciding whether to make a loan in the first place.”
Wow! If only they had got someone with your incredible perspicacity before they lent the money!
The problem is not a micro problem. It’s a macro problem created by bundling piss-poor loans and flogging them to idiotic Wall Street chavs with no idea what they were buying. The fault originates with the market and will be resolved (as usual) by the market.
Sean Hackbarth says:
Let’s not forget the Fed’s role in creating too much money that had to go somewhere.
Beth says:
That’s it, I’m voting for Hillary for LOAN OFFICER!
BTW, thanks for posting–I started to worry about becoming monotonous, and I still have another McCain thing I wanna post. I think I’ll wait until tomorrow to spam my own blog again. LOL
Beth says:
Also, please don’t go MIA–I hate my blog when you’re not writing!