Monday, October 15, 2007

Bush World

Cronies fail upwards:

While the mortgage company he founded is in shambles and many of its customers facing foreclosure, Roland Arnall continues to enjoy a life of prosperity as the United States ambassador to the Netherlands with an estimated fortune of $l.5 billion.

"If you're building a 'Mount Rushmore' of people who should be on the face of the mortgage lending crisis, I think Roland Arnall has a distinct place in that litany," said Ira Rheingold, executive director of the National Association of Consumer Advocates.

Ameriquest has fired thousands of its employees and closed its sales offices after settling a lawsuit brought by 49 state attorneys general over alleged deceptive and predatory lending practices. The company has since been sold.