Government Secretly Warned Banker Friends Of Housing Crash

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Published on 2 Oct 2016, 18:00
It turns out the biggest banks with the best high level government connections were tipped off to the housing crash of 2008. It pays to pay politicians. Cenk Uygur, host of The Young Turks, breaks it down. Tell us what you think in the comment section below. tytnetwork.com/join

"Big Data — those sprawling algorithms that can track and predict patterns in human behavior — often conjures up fears of a big-brother police state. But those same data-sets could be harnessed to uncover and expose Wall Street excesses...

The first paper used publicly available information to chart the possibility that individuals with close ties to regulators and politicians engaged in insider trades in the aftermath of the 2007-2008 financial crisis.

“Politically connected insiders had an information advantage during the crisis and traded to exploit this advantage,” concluded the study by researchers at the University of Colorado, Stanford University, the University of Navarra and the University of Pennsylvania. The study zeroed in on those who made trades after the announcement of the government's $700 billion Troubled Asset Relief Program (TARP), which bought up so-called “toxic” assets — mortgages and securities that had plummeted in value.

Crunching data from 7,300 corporate officers at 497 financial firms eligible to get cash from TARP,the researchers found political connections paid off — big time.”*

Read more here: ibtimes.com/political-capital/...

Hosts: Cenk Uygur
Cast: Cenk Uygur

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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. Young person who rebels against authority or societal expectations. (American Heritage Dictionary)

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