What does the left do when media appears that accurately connects them to the current financial crisis. They censor it of course. Yesterday we detailed a brilliant Saturday Night Live skit that properly exposed a major leftist donor’s connections to the subprime mortgage crisis. We wrote:
The best was saved for last. Wiig/Pelosi introduced Herbert and Marion Sandler (played by Darrell Hammond and Casey Wilson). Unlike the earlier composites, the Sandlers are all to real. They did build a mortgage company whose major product was subprime mortgages and they sold it to Wachovia for $24.2 billion in 2006. And what do the Sandlers do when they are not peddling subprime garbage? They are busy writing checks to leftist groups like the Center for American Progress, the American Civil Liberties Union, and Association of Community Organizations for Reform Now (ACORN). Yes that ACORN.
Well guessed what happened to that video? NBC pulled it. The video can no longer be found on NBC’s website. The rest of the SNL episode is there. Just the bailout skit was pulled. This is the same NBC that has completely destroyed their credibility by letting leftwing nut job Keith Olbermann run their new division.
Coincidentally, Herb Sandler is also giving interviews to the AP trying to clear his good name. Highlights include:
Although the timing of the interview was coincidental, Sandler was seething after watching a replay of the skit on the Internet.
I have been listening to this crap for two years,” Sandler said. “We are being unfairly tarred. People have been telling us to speak out for some time, but we didn’t think it was appropriate. That was clearly a mistake.”
Taking advantage of regulations passed in 1981, World Savings had thrived for decades by specializing in adjustable rate mortgages that gave borrowers the option of deferring the interest due on their monthly payments. These so-called option-ARMs have been widely derided for driving up the amount that borrowers owed on their loans, ultimately saddling them with payments that they can’t afford.
Sandler said World’s pick-a-pay loans were made under the same qualifying standards that had been in effect during the previous 25 years when the savings and loan’s losses were among the lowest in the industry and the Sandlers were consistently praised for their prudence.
“We had a great track record for 40 years,” Sandler said. “If this product was so dangerous, how could that be? There is something anomalous about that, isn’t there?”
Even as Herb Sandler defends his legacy, the physical remains of his once-mighty empire have all but disappeared. As part of Wachovia’s planned layoff of 12,000 employees, World’s entire portfolio loan division has been eliminated, as have its underwriting departments, along with sundry loan managers and representatives.