Detailed text transcripts for TV channel - CNN - 20110518:00:44:00
Fraudulent and securitizing them anyway and then moving them off to investors without telling them what the risk is. >> so basically this is selling a piece of junk to somebody else without telling them it's a piece of junk. >> right. this is pure alchemy. you're taking something basically worthless and extremely risky and on the other side selling it as highly valuable aaa-rated securities. >> to use the car metaphor you youed in an article, this is like a used car dealer selling you the car knowing the brakes are no good and not telling you. >> you have a whole lot full of cars you know are ...