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The Men Who Stole The World (and got away with it)
Have just watched this documentary about the financial crash of 2008, it's unbelievable what was allowed to happen that caused the crash. The main culprit was D1ck Fuld head of Lehman Brothers, who claimed under oath that he didn't know how to open an e-mail attachment!
One of the main causes were NINJA loans.
What Is a NINJA Loan?
A NINJA loan is a slang term for a loan extended to a borrower with little or no attempt by the lender to verify the applicant's ability to repay. It stands for "no income, no job, and no assets."
Whereas most lenders require loan applicants to provide evidence of a stable stream of income or sufficient collateral, a NINJA loan ignores that verification process.
It's available to watch on line, I've added a youtube link to watch the whole episode, it's worth a view.
Trailer below.
https://www.youtube.com/watch?v=YoVPR6z2XSE
Full Episode.
https://www.youtube.com/watch?v=AevhunjCuWw
D1ck Fuld's management style from an internal video.
https://www.youtube.com/watch?v=GZCmWkQuyPc&t=67s
One of the main causes were NINJA loans.
What Is a NINJA Loan?
A NINJA loan is a slang term for a loan extended to a borrower with little or no attempt by the lender to verify the applicant's ability to repay. It stands for "no income, no job, and no assets."
Whereas most lenders require loan applicants to provide evidence of a stable stream of income or sufficient collateral, a NINJA loan ignores that verification process.
It's available to watch on line, I've added a youtube link to watch the whole episode, it's worth a view.
Trailer below.
https://www.youtube.com/watch?v=YoVPR6z2XSEFull Episode.
https://www.youtube.com/watch?v=AevhunjCuWwD1ck Fuld's management style from an internal video.
https://www.youtube.com/watch?v=GZCmWkQuyPc&t=67s
Comments
Thanks @lucy4, I'll certainly watch that.