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Cobey1 t1_ja3kf3p wrote

Reply to comment by nalgene_wilder in Rebecca Rhynhart is running to be Philly’s 100th mayor – the first female to lead the city by Saint_2022

She was the managing director at Bear Stearns on the credit derivatives desk and the budget director for Nutter… you don’t get more in the weeds than that. She oversaw the ‘overlending’ of credit for mortgages to people who couldn’t afford to take out those loans during the housing crisis in 08. It’s very frustrating that she’s pitching herself as this “out of government” candidate when in fact she has been involved in governmental decisions and policies for over 20 years, many in which negatively impacted millions of Americans, caused tons of people to lose their homes, kids lost their schools, etc. She made a really weird video a month or 2 ago where she stood in front of Germantown HS advocating for schools like that to be open, it was her decision to close Germantown HS! You can’t make this stuff up

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dotcom-jillionaire t1_ja7jvxx wrote

> She was the managing director at Bear Stearns on the credit derivatives desk... She oversaw the ‘overlending’ of credit for mortgages to people who couldn’t afford to take out those loans during the housing crisis in 08

so was she approving mortgages or managing credit derivatives? i think you're fundamentally misunderstanding both her job and the 2008 financial crisis here

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Cobey1 t1_ja7p3ly wrote

I have built a career around representing retail investors. You ain’t going to gaslight me and tell me what the 2008 financial crisis was hahaha

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dotcom-jillionaire t1_ja87jj4 wrote

if you want to be more specific about how rhynhart contributed to and made decisions that ultimately created the 2008 financial crisis then by all means.

otherwise, when i read a word salad of accusations with no evidence, i remain unconvinced and get the sense there's an axe grinding in the distance.

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Cobey1 t1_ja8m9gv wrote

I can’t get you any closer to the water hole than that. Research what a managing director does and how they oversee operations, implement policies and functions. Research what a budget director does under a Mayor’s administration. Google rhynhart advocates for the privatization of PGW. Google Mayor Nutter admin and Rhynhart shut down several schools. This will all come up. Look into how many Americans lost their homes in 08, the people who committed suicide because of debt and foreclosures because of firms like Bear Stearns who over leveraged their debt by approving folks who couldn’t afford those loans in the first place. Her invovlememt as the managing director of credit derivatives is intrinsically linked to the debt defaults that occurred in 08. To act like she wasn’t involved/complicit in the 08 recession is ignorant. She wasn’t a 1st or 2nd year associate out of college getting people loans, she was their freaking managing director.

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PBJdeath t1_jae26g0 wrote

Bear Stearns didn’t approve any mortgages. Did they encourage their mortgage-lending relationships to approve as many as possible so they could bundle them up and sell them off to investors? Yes. But the big banks were not mortgage lending institutions.

She was also “a” managing director not “the” managing director.

“Over leveraged their debt”?? leverage is debt.

I think you have a pretty big misunderstanding here about the role Bear Stearns played in the ‘08 crisis and moreover what role Rhynhart played. Sounds like she was just some regular middle management level player.

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Cobey1 t1_jaeeu51 wrote

She along with every other manager, supervisor, CFO, CEO, COO should be in jail. They all have blood on their hands

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