Lots of cases are going the way of ESP Funding I, a $1 billion CDO set up by Citigroup and stuffed with rotten asset-back securities.
The chickens may have come home to roost for Goldman Sachs and perhaps for a host of other purveyors of rotten mortgage-backed securities that were fobbed off on unsuspecting investors.
This would cheat outside investors, who had been defrauded by those aristocrats' rotten mortgage-backed securities (MBS), and it would also cheat people whose homes had been foreclosed despite their having been current on their mortgage payments, and (in some cases) despite their home not even having any mortgage on it at all - just fraudulent foreclosures, which were rampant.
But the story of how one young woman with organ failure was denied help when she most needed it – and the subsequent battle between the Department for Work and Pensions (DWP), the outsourcing firm Atos, and a mother – tells us exactly how rotten Britain's social security system has become.
Those securities typically contained rotten components like subprime mortgages.
By the end of the month, with Standard & Poor's lambasted by media and politicians for giving AAA ratings to securities backed by rotten subprime mortgages, the S&P president would be ousted.
For a rotten Kenya has also become an international security concern.That was the message of Kim Howells, a Foreign Office minister from Britain, the former colonial master, on a visit to the country last week.
Bear had put many of its eggs in one basket mortgage-backed securities—and these were fast turning rotten, and impossibasket mortgage-backedpricesecurities
Reason: These rotten investments are "insurance," overseen by the states, not "securities," regulated by the SEC.
Franz Prucher, the security director for Lower Austria, insisted Austria "is no more rotten than other countries".
