[Post Summary]The watchmen struck me, they wounded me;
—Song of Solomon
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An open letter to credit junkies on the boards of American banks and financial institutions.
Who were the persons making decisions to securitize everything outside toilet paper? Were they corporate boards of directors or taxpayers?
And when fees were collected for exotic credit securities bought and sold, was there an open market facilitating trading? Yes? Then, go back to this marketplace and work out your capital needs.
What's that? There's no longer a market? Then write off your loss.
What's that? You'll go bankrupt? Well, who held a gun to your head and said buy and sell structured securities, or else? It was not the taxpayer! You can be sure of that.
Listen, men. Why don't you face facts? You made a bet and lost. Get over it. Your game was a fraud from the get-go — an illusion; one big Ponzi scheme requiring ever more securities to paper over those previously created, all so the inevitable day of reckoning might be delayed. Well, that day has come.
And now you will hold the U.S. Treasury to account? Mark to market, mark to model, it does not matter which we choose, because without U.S. Treasury backing, you surely will lose.
What kind of Americans put the U.S. Treasury at risk in a game whose odds are stacked against holders of such securities as free market junkies had the gall to call "assets" — these now worthless pieces of paper?
It would be an act of treason if your institutions are not restructured to serve the People. That is why I endorse Senator Corker's idea and advocate your firms' immediate seizure.
—Tom Chechatka
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