Cobey1 t1_ja8m9gv wrote
Reply to comment by dotcom-jillionaire in Rebecca Rhynhart is running to be Philly’s 100th mayor – the first female to lead the city by Saint_2022
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.
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.
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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