About This Video
Title:
Published: Tue, 30 Sep 2008
Description: Convicted scam artist Barry Minkow reveals who's really to blame for U.S. financial mess
Automatically Generated Transcript (may not be 100% accurate)
" Vertigo was once a Wall Street superstar is carbon cleaning company easy that's becoming an overnight phenomenon and our becoming a very very rich man problem was. Z deaths was a scam and they go was a scam artists. He went to prison for seven years now he's a ministries doubling the very folks is thrown in jail. Pieces good Barry says forget all these complex financial instruments that brought this Wall Street disaster something far simpler came before and that fancy stuff. Simple and my good folks not careful sinister barrel -- well what's going on here."
" Well simple mail of what I've heard nobody say is that the average consumer that said to the lender. Yeah I know I don't live there but I can only get a loan to value of 70% to. If I tell you the truth so let's just say I live there let me get 95%. LTV everybody's doin' it nobody's gonna get hurt. It'll be okay. The same it. Deals that I did on Wall Street as a cricket CO lying to banks but what I earned and lying about what I owed is the exact same thing that trickled down. Not to -- concealed like me. What does the average consumer -- equity backed securities are filled with the average consumer lying about. It's all right all ordeal live there I live there -- a -- higher -- and -- all I already own world -- said. All man I mean he'll look at there's one -- and it'll fire about are robust that spoke to others before others as well formed 456 for the government if your house burns down descended that form you get a tax return that you originally filed. The big now use that for last four years -- we on this Google form 45 -- six you'll see it. It has been a pro active fraud tool for mortgage companies can the average consumer submitted to -- eight they actually turn that thing now would test against the real one vial using form 45 -- these mortgage companies were using it. My point is this. Average consumer is the one that justified at lying everybody's doing it nobody's gonna get hurt -- make the payments nobody gets hurt. That's right quite took the seven million from union bank it's wrong it trickled down to the average consumer from the cookie -- you know like the."
" but now you you pay dearly for your crimes in the a lot of good coming out. But in on this many people did this as you say or responsible as you say. We wouldn't be able to do have an -- else."
" Well it will look I'm not saying it's punishable look I'm I'm a liar to -- by the grace a bout of god I don't judge anybody I'm telling you the truth. That the average consumers -- right equals forward motion and wrong is anybody who gets in my way everybody gets in the way of -- expanding my real estate portfolio even if that means lying or getting my dream house the -- went to achievement from integrity and character which used to be --"
" All -- you know Marriott hotel that I'd done that with a ratings and I mean it's I didn't. I was wrong on."
" The way you're here. You know I couldn't convict constituency constituency is still strong I'm still a big supporters have -- to -- that I loved him before Huckabee."
" After that. So -- bottom line it's not necessary whether these are crimes per say but certainly moral and ethical lapses that got a lot of these guys in trouble and trickle down to everyone else right. You'd see it."
" please don't miss us you know which filled the hole is equal the sum of its parts. What all these equity backed securities are broken down or multiple people justifying just like I did I'm no better. That it's okay don't lie. Everybody's doing that nobody's gonna get hurt I'm not sure -- punish what what everything I'm saying it's the truth nobody's talking about it and by the way who the people yelling the most. Magistrate who comprise the portfolio that are filled with the wives."
" That's interest very well put thank you very much you've got all mainstream calling -- happy to say that. --"
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