Man Who Promoted Toxic Investments Poised To Redeem Himself

Fortune:

But before anyone organizes a ticker-tape parade for Fink, keep in mind that 25 years ago he was an early and vigorous promoter of the CMO (collateralized mortgage obligation). Today the CMO and other asset-backed securities have become the monsters responsible for the credit crisis.

...

So the question is, Can Fink stop this monster - and make a profit along the way?

To understand how BlackRock found itself at the center of the financial crisis, you need to understand Larry Fink's long, strange relationship with mortgage-backed securities. Fink sold his first CMO in 1983 while working as a bond trader at First Boston. He pitched this new product to Freddie Mac (FRE, Fortune 500) as a way for the company to offload $1 billion in mortgages.

Read the whole story: Fortune

Comments

[truthynesslover]

Larry FINK says it all.

[Rule Of Law]

It must be Halloween. The suggestions for what to do with this financial Vampire all seem apropos.

[proreality]

Pinstriped suits covered in entrails. Wall street and K street turned red and stinking with blood. A gallows on the national mall for every member of the Bush administration.

The new American dream.

[ElectricEye]

I like it.

[GerryS]

this guy isn't Michael Milken, and Drexel Burnham is gone,

but this clown is a criminal in a big way too.

Marie say's "off with it"

[PT6]

CNN here is a STARTER for your NEXT Culprits of the Crisis LIST!

Make this list 100 Top Culprits as there are thousands of them!

[RobinSeattle]

So he gets 'em coming and going. What a racket.

[mommadona]

His picture says it all.....

He's a used car salesman..­.

"HAVE I GOTTA DEAL FOR YOU! COME ON DOWN!!!!!"

I say a long stay in a 6X8 cell with an open toilet as your best friend would be the best thing for this reprobate.

Salvation? Not in THIS lifetime.

[sposton]

Public hanging is in order. Imagine if any of us schmucks have done one billionth of the damage these people have done and imagine what would have happened to us. This is what is wrong with our system - no accountability and no responsibility. Paulson was in charge of doing the damage while CEO on Wall Street and now the same guy is supposed to be fixing the problem. What is wrong with this picture? The people who were in charge of this disaster ought to, at least, lose all the wealth accumulated during this time. Yes, confiscate the loot! That is what happens to drug dealers - what's the difference?

[darthdarcy]

We haven't drawn and quartered anyone for quite some time, then again keel hauling has it's appeal as well...

[ErnestineBass]

Yep...unde­r a high-priced yacht.

[darthdarcy]

LOL..! God one Ernestine.­.good one...a 100 footer...!