Friday, May 22, 2009

Herb and Marion Sandler


- Co-CEOs of Golden West Financial, parent company of World Savings Bank -- a major subprime lender!

- The first housing lender to offer adjustable rate mortgages (ARMs) -- one of the easy-credit products that ending up cratering the housing market!

- Also did big business in "liar's loans" -- which require no proof of income from the borrower!

- Made a regular practice of issuing illegal, predatory loans!

- Cashed out of the housing market in 2006, just as it was starting to teeter -- selling Golden West to Wachovia and making $2.4 billion in the process!

- Because of World Savings' extensive subprime portfolio, in 2008 the housing crash devastated Wachovia -- resulting in massive layoffs and the acquisition of Wachovia by Wells Fargo at a fire-sale price!

- Described as people who deserve to be shot by Saturday Nite Live!

- Now claim they're being "unfairly tarred" by accusations of their wrongdoing!

- Idiots!

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