Manuscript Title –– Securitization: A Financial Postmortem –– Subtitle: A Plain-English Primer on 21st Century Wall Street Fraud.
When the private-label securitization industry collapsed in 2008, it precipitated the greatest financial and economic upheaval the nation has experienced since The Great Depression. Virtually overnight, six trillion dollars in household wealth vanished and tens of millions of Americans lost their jobs. Our economy was thrust into a deep and enduring recession and millions of families lost their homes to foreclosures. Every year since 2008 the Federal Bureau of Investigation has published its annual Financial Crimes Report detailing the expansive nature of the industry’s wrongdoing. Yet, prosecutors have simply refused to seek indictments. They often justify their inaction by contending that the private-label securitization industry’s enigmatic transactions are simply too complex for jurors to comprehend. My manuscript is designed to demystify this innately corrupt industry's practices and processes. I intend to show the American people how surprisingly easy it is to unravel the fraud, and how incomparably inept most financial cheats actually are. By employing what I believe to be both understandable and insightful analytics, crafted in plain English, I intend to demystify the private-label securitization industry’s most dishonest and deceitful practices. I also intend to reveal what I believe to be the private-label securitization industry’s greatest vulnerability, it’s Achilles’ heel. Most importantly, however, I expect to provide my readers with a prototype or template for demystifying and disentangling a broad range of Wall Street’s most dishonest processes and practices.