Banking & Securities Fraud Investment Fraud Mortgage Fraud Securities Fraud

Housing Bubble Hall of Shame®

Who is responsible for the Housing Bubble? Policy makers, press, investors, wallstreet, mortgage lenders, builders, realtors, appraisers, buyers, flippers, sellers, … ? They all had a hand in it, but lets pay tribute to some of the more notable or public displays of bubble mania. *All inductees are innocent of a crime until proven guilty in a court of law. *

Blog Archive

TUESDAY, DECEMBER 25, 2007

Greg Lippman

Greg Lippman, Deutsche Bank AG trader
Aka ‘Shittman’
It took all sorts of individuals and corporations to create the housing bubble. Here is what seems to be a ‘Number 1 Asshole’ in creating the ‘Financial Engineering’ behind the debacle. As he puts it, “subprime problems are what they are”. Yes, they are a piece of shit that you helped serve up. Bravo, shithead!

2007-12-17: Subprime Securities Market Began as `Group of 5′
Lippman disputes that the derivatives the group of five helped create — which banks packaged into CDOs — caused the subprime crisis. “The problems in subprime are what they are and derivatives did not cause them,” Lippmann says. “Derivatives enabled more CDOs to be created and the stakes to be bigger. But the transparency made people realize the problem faster.”
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2002-12-15: Lippman Wedding (interesting backgrounds in his family)
Her father is the research director for Integra Realty Resources of Southwest Florida, real estate developers in Naples. Her mother retired as a financial consultant in Fort Worth. His father, now retired, owned the DBL Operating Corporation, a former real estate investment and management business in New York.
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This is the first part in a five-part story on how Wall Street transmitted southern California’s go-go mortgage lending practices and the inflated U.S. real estate market into a global financial crisis.

Part 1:Over take-out food, traders set Wall St.’s subprime debacle in motion
Representatives of five of Wall Street’s dominant investment banks gathered around a blonde wood conference table on a February night almost three years ago. Their talks over take-out Chinese food led to the perfect formula for a U.S. housing collapse.
The host was Greg Lippmann, then 36, a fast-talking Deutsche Bank AG trader who aspired to make mortgage securities as big a cash cow for Wall Street as the $12 trillion corporate credit market.
Others:
– Rajiv Kamilla, a trader at Goldman Sachs Group
– Todd Kushman, who led a contingent from Bear Stearns

Deutsche Bank continues CDO Expansion
New York, April 5, 2005
Deutsche Bank Securities Inc. announced today that Richard Rizzo will join the Firm’s Collateralized Debt Obligations (CDO) Group within the Global Markets Division next month.

“Our ability to enhance and increase trading in the secondary market is a vital part of our CDO business. “

Deutsche Bank appoints Greg Lippmann Global Head of ABS Trading & Syndicate and CDO Trading
New York / London, June 12, 2006
Deutsche Bank today announced the appointment of Greg Lippmann as Global Head of Asset-Backed Securities (ABS) Trading and Syndicate. Deutsche Bank today announced the appointment of Greg Lippmann as Global Head of Asset-Backed Securities (ABS) Trading and Syndicate. Lippman is based in New York and reports to Richard d’Albert, Managing Director and Head of the Securitized Products Group (SPG).

Lippmann joined SPG in March 2000 and has been instrumental in developing Deutsche Bank’s ABS and Collaterized Debt Obligation (CDO) platforms.

Greg has been instrumental in building-out our securitization trading and syndicate capabilities in the U.S. and globally over the last six years. He is highly regarded in the industry and has become a pioneer in developing new products and trading platforms for the market,” said d’Albert. “With these appointments, we are positioned to build upon past success and further enhance the strength of our SPG platform.”—–Uhhhhh… are you sure about that, Deutsche Bank???

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