House of Cards....And Then The Roof Came Down

David Faber is Wall Streets finest financial reporter. A journalist who's covered the financial markets for over 20 years. An Emmy, Peabody, and Dupont award winner, David Faber has anchored and co-produced several of CNBC's acclaimed original documentaries. This is a reporter who can bring you the story from all human angles.

Little did David know his report on Long-Term-Capital-Management investment colapse and Asian Financial crisis of 1997, the Russian 1998 default, the dot-com and tech and telecom bust was just the warm-up act to the Main Event in America.

CNBC presents HOUSE OF CARDS the definitive report on the defining story of our time. CNBC correspondent David Faber investigates the origins of the global economic crisis, with first person accounts from home buyers, mortgage brokers, investment bankers and investors – most of whom let money blind them, leading to the greatest financial collapse since the Great Depression.

House of Cards is a must view documentary for everyone.

And Then The Roof Came Down is a must read follow up book to House of Cards.

For those of you who are interested in how the combination of mortgage brokers, Wall Street, and consumers led to the dire financial predicament we find ourselves in right now. Faber really hits on all of the major culprits and explains them well along with his superb guests. CNBC replays House of Cards in prime time during the week and over the weekends. According to my Comcast program guide, the next airing is Wednesday from 8-10pm ET but check your local listings and record it for free.

David does not have time to cover the deregulation in the USA that enabled Wall Street and Bankers to run wild.
Faber stopped short of outing what I call the perfect storm of the financial industry. He could have started with Greenspan skirting Glass-Steagall, and him and Rubin convincing Clinton and the democratic party in joining the republicans to repeal G-S with no regulations. Add to that credit default insurance called “swaps” to avoid being regulated, with the CDOs and mortgage backs, an unregulated commodities exchange pushing oil prices up breaking Americans backs, all that added to Wall Street greed you’ve got a nasty storm. Add Sarbanes-Oxley and you have to write assets down immediately, it becomes the perfect storm.

Much of the American public is so feed up with Reganomics and deregulation and capitalism -even Karl Marx could get elected President. However, "we have seen the enemy -unfortunatly it is us."

AND THERE ARE HUNDREDS OF SIDE STORIES OF PEOPLE -OFF WALL STREET taking advantage of the money give away. I thought I had seen many a fast buck artist in my day -but the off-Wall Street stories I learning about exceed my imagination. Research a guy named - Daniel Sadek -he looks like something out of a 70's hippies movie. I do not believe he went to high school and he migrates to the USA and goes from nothing to making over a $2 million a month off from giving loans to everyone and anyone with not a worry about repayment because his firm earn jumbo commissions on every loan given away with no fines for lack of payments. Only in America.

Financial troubles continue to mount for Daniel Sadek, the subprime lending company founder The Register profiled last year as the "high roller of home loans."

County records show Sadek missed the Dec. 10 deadline to pay $88,278 in property taxes for four homes in Orange County and that he owes an additional $43,709 in taxes on equipment leased for his defunct company, Quick Loan Funding, which shut its doors in August.

In addition to a rash of lawsuits by Quick Loan's ex-employees and borrowers, Sadek, 39, is being sued by Wells Fargo for failing to repay a $500,000 personal line of credit.

Documents in the Wells Fargo lawsuit show Sadek's debts include $5 million owed to billionaire James Jannard, the founder of Foothill Ranch-based Oakley, the sunglasses maker. Sadek used homes in Newport Coast and Las Vegas as collateral. County records show Sadek borrowed an additional $2.5 million from Jannard using a third property as collateral - for a total of $7.5 million owed to the Oakley magnate.