“The Big Short”
If you read the book or just saw the movie you will probably agree it is an accurate portrait of the bankers imagination and greed in developing these derivatives and exercising fraud.
But wait, if you saw the movie you may have noted one glaring absence of truth, the political role that was played in this devastating financial play, the greatest fraud in U.S. History.
There is no mention in the movie of federal agencies Fannie Mae or Freddie Mac. A federal agency that orchestrated loans to people not capable of paying the mortgages, let alone showing income and equity to support the loan. Enter Barney Frank and Chris Dodd, major democrat party leaders intent on getting “every American” the right to buy their own home and then failing to make the payments required to allow them to keep those homes. It is a fact that these bankers without ethics would not have discovered the gold mine of derivatives if not urged by these politicians to provide a “chicken in every pot” or should I say a home for every person whether they could afford it or not.
Of course the logical question is why was the political element of this story left out of the movie. The answer is the producers and at least one of the executive producers Brad Pitt who in addition to raising funds for the production of the movie is also politically aligned with the democrat party and a financial supporter.