All right, Jesse on fire. Welcome back. Okay, so um obviously I did a video yesterday about uh where I was reacting to Wolves and Financ's uh TPUSA video. And I have another one now here for you that uh that Danks. You guys go follow Danks, dude. His uh I'm not sure if you'll be able to find uh if you just search Danks, but whatever. This is this is his channel. This is his uh his icon. And uh this got emailed to me. And so I looked at it. I'm like, "Okay, so what is this about?" I watched the whole entire thing. This is uh very interesting information. What this is about is about the company that audits TPUSA. Okay. So, obviously when you get into the uh the finances of of all of these different organizations and they, you know, they obviously come forward and they're like, "Look, we've been audited. We always pass the audit, right?" And it's like, "All right, well, apparently no one that I'm aware of had looked into the company that does the audits, right?" And Dankier did that. And yes, you should internally laugh that you are looking at a guy who calls himself Danks saying that he did an audit of the company that audits TPUSA. Yes, that's funny for sure. But what I would uh challenge you to do is just watch this and then tell me how funny you think it is. Uh once we get into it, okay, so we're going to do that. By the way, uh to the like almost 3,000 people who subscribed to my channel yesterday, welcome. Okay, welcome. we're going to stay on the same path because uh apparently that's what people are interested in and uh and there's a lot more coming. So basically I just want to show you what he pulled in this you know kind of uh I don't know what a public audit of the company doing the audit and then some questions that he has related to uh TPUSA that he is going to be looking into uh forthcoming. So let's just jump right into it. Go ahead and if you want to also subscribe to the channel and join a fast group, you know, fastmoving group, then go ahead and do that. And if you don't mind liking the video, that would be incredible. Also, >> the ability to say clean audit so he can hide behind that. Baker Tilly, remember the name. Now, let me tell you what Baker Tilly has been doing for the last 13 years because it's not what you think. >> Now, we're going to be hearing a lot from him later. He's going to be asking some very important questions. So, I'm just going to do this myself. Okay, here is what we have from our people over at Baker Tilly. Okay, so he found all like Danks found all of this and I wrote it down after watching his video. Okay, so essentially uh Baker Tilly, a top 10 accounting firm, uh being sued by Catholic Charities of Milwaukee after allegedly missing 10 years of embezzlement. Okay, an employee was using all kind, you know, using credit cards and doing all this stuff to uh to embezzle a couple million dollars over a 10-year period. Baker Tilly completely missed it. uh 2025 the federal investigators find them 500,000 for quality control failures they found deficiencies in 10 out of 12 audits reviewed okay so to be clear when you know federal regulators went into Baker Tilly which is the company that has been auditing TPUSA and given them the thumbs up they're like these guys are rock solid okay they went and looked at 10 I'm sorry they looked at 12 audits that they had performed and they found that 10 of them were deficient 10 out of 12 okay So that okay uh back in 2012 they got hit with a $50 million jury verdict. Uh and I'll tell you exactly how that happened. Right. So company called Aqua Finance was uh doing business. Right. And the person who was responsible from Baker Tilly for auditing their books found that they were they had some major problem with their uh with their books and what was going in going out on the balance sheet. And for some reason he never told anyone. He just sat on that information for like two something years. I can't remember the exact number but like you know more than a year like you know a year to two three years. I don't remember exactly what it was. He never told anyone. God I like why would he do that? Why would he do why would he not tell anyone once he had found it and they proved that he had found it back then? I don't know. But what ended up happening is in 2008, okay, when the entire economy collapsed due to things we'll talk about later in this video at length. I've already filmed that by the way. Watch to the end of this video if you want to see me just go on a stream of thought that will like break your brain. You be like, how does he know so much about this? Okay, so uh during that period all of them lost their credit. Everybody lost their credit lines for reasons we will go through at that at that point later. But when they lost their credit lines, they needed to get new credit lines because they can't play their employees. They can't keep the lights on. They can't do any of the things that they do because they all run their businesses on credit lines. So they needed to go get a new one. And when they needed to get a new one, what do they need to do? They need to show clean financials to the new bank that they are going to ask for money. And at that point, Aqua Finance is like, "Give us our financials." And the guy who had for some reason not told them anything quit. He left. And then they pulled off of their account. They had no clean financials for multiple years. And they had to downsize their employee count from 380 something down to 97 because they couldn't afford to pay more than that. And they imploded the entire company. And ultimately what ends up happening, Baker Tilly gets found uh responsible, fined $50 million. Same company that is uh doing uh the TPUSA stuff. Okay. Now, they also had this thing with this China FR uh the China franchise of Baker Tilly where they basically uh they overlooked somehow the CEO of a of the China Northeast Petroleum fraud of 2014 where the CEO had taken 40 something like 42% I believe of their revenue and had dispersed it to in 179 different uh different uh transactions to himself. Okay. 40 I think 42% of their revenue went to him somehow and I don't know what happened. TPU or I mean uh Baker Tilly they just missed it. Now I've only barely scratched the surface on this. Okay, Danks had so much more stuff in his video. I literally just had AI kind of pull all of this stuff from his video. There's a ton a ton more. So I would highly encourage that you go watch his video if you want to see uh if you want to see like the entire thing on Baker Tilly. Now, we're going to move on and uh listen to him ask some questions about TPUSA and then uh listen to me go on one of the most epic rants of all time that I've ever done if you care about that. So, now let's have him ask some of the questions that he is going to be looking into forthcoming about TPUSA because I found these very interesting. Right, so let's listen to Den. This is this is what's up next for him. All right, let's listen. >> There's nothing more American than asking questions. And he's right. Tyler Boyer says, "We pass clean." >> By the way, he was talking about uh Wolves and Finance. I did not mean to cut that off. He said, "Wolves and Finance says there's m nothing more American than asking questions." And he's right. And that is a fact. Wolves and Finance did incredible work. Uh Dengs found a lot of uh additional stuff. >> Independent audits every year. >> And he just said Tyler, [laughter] sorry, Tyler Boyer says they pass independent audits every single year. That's what he's saying. Did you know that Baker Tilly, your auditor, was fined half a million dollars just in January of this year for quality control failures, Tyler? Did you know that they found deficiencies in 10 out of 12 audits reviewed from the the persons that audits them, the auditor of the auditor? Did your board discuss this? Did anyone ask whether you should find a new auditor or maybe have a third party audit like Charlie wanted or did you just keep going? Is there a reason for all of this? Are you using these people on purpose? >> Interesting question. Very interesting question. Don't know the answer. You know, I don't know >> this organization Baker Tilly. Here's another question. The PCAOB warned Baker Tilly for four years that their quality control was failing. During those four years, 2018, 19, 20, 21, 22, even Baker Tilly was auditing Turning Point USA. Were any of those TPUSA audits among the ones that were in deficient? We don't know. The PCAO doesn't name specific clients in enforcement orders, but someone should definitely ask. And I'm asking another question for you. Baker Tilly allegedly missed 10 years of embezzlement of a Catholic charity. Can anyone answer me? Why casino charges, Amazon shopping sprees, the whole gambit? What makes anyone confident that they would catch shell after shell and issue after issue if they were to be had through? >> And let me add to that question. Okay. Right. Let me here's this is an important thing to understand is how they missed the MGM, Grand Amazon, all that stuff. Okay? Because what that says is it tells you how these audits are done. Okay? So, right, an audit is done where they're looking at that Catholic Charity's books and it looks, it's like, what's this expense? What's this expense? What's this expense? And the woman who was embezzling that money in the Catholic Charity Fund was spending money on the company credit card. Okay, she's going to MGM Grand. She's going to Amazon. She's doing all these things that are clearly, you know, well, I guess MGM Grand, I mean, like there are reasons you would be in Vegas, but whatever. She's shopping on Amazon. All of this stuff, you know, she she took a $1.7 million, so a lot of personal stuff, and she's putting that on the company credit card because she has exclusive, you know, access to the money and the credit card. So she does that and then she pays those off with the charity funds, right? So what does that mean? It means that no one is auditing the credit card bill. Okay? And so as an example, right, if you had a bunch of companies that were over here and a charity or a nonprofit or whatever is sending millions of dollars to those companies, well, guess what? that's going to pass a a similar audit to what we were looking at in the in the Catholic Church thing because that means they're not looking at what's on the other side of those transactions. At least not hard, right? At least not hard. It's like, okay, they put, you know, they did it over there, they paid it over there, they paid it over there. Now, listen. Do you want to know why this is so easy for me to kind of like, you know, back into this stuff? Is because my, you know, my nature, right? I have to talk myself out of things like this all the time, right? Like if like, you know, my buddy's the CFO of a company and he's like, "Dude, we got he's like, you know, we got $80 million going out right now." It's like, "Okay, well, what are you hiring people for?" It's like, "Dude, we got a marketing. We got this. We got this. We got this. We got this. We got this." He's like, "Why are you paying some rando marketing company? Why don't we just start a marketing company? What possib Like why would we pay some randoms instead of paying ourselves? Okay, if we can provide the same service, then why don't we do that, right? I could literally This is Insta on my brain. It's like Yeah. Okay. So, let's here. What do we have to do? I don't know. We'll go create an LLC. All right. Well, we don't want to have any conflict of interest. So, who can be on it? Who can't? Well, you can't be on it, but I can, and this person can. Okay. Boom. Create it. Boom. Bam. Boom. We're invoicing them. Okay. This is not even complicated how simple this is. And this is what politics is. It's dirty. It's the dirtiest of the dirty. Okay? It doesn't mean they killed Charlie, you know? I mean, listen, like I [laughter] I'm a YouTuber, man. I am an entertainer. Okay. So, when I say like this is what motive looks like. Yeah, maybe. I'm not saying that I think for sure that TPUSA did Charlie. I'm just saying like this could be what happened. I have no idea, dude. What do I know? I'm just saying like this appears to be a lot of money going to people who were at TPSA and Charlie doesn't seem to be inside of these on paper. Does that mean he wasn't inside? No. He could have been involved in every single one of these transactions. Okay. He could have been getting kickbacks from every single one of these companies. Just because Charlie got killed, doesn't mean Charlie was clean on any of this financial stuff. Matter of fact, if I had to bet, dude, if I had to bet, I don't have to bet, but if I had to bet, I've seen his house, dude. He had a big, big house, you know, $6 million house. If I remember correctly, it's a lot of money, dude. 6 million might not sound like that much to regular folks who are kind of like, well, what's the difference, man? Like what, dude? You know what I mean? Like, you know, they're looking they're like, "But what are you kidding me, dude? This, you know, the Kardashians have an $18 million." Dude, $6 million is a big number. Okay, you put $2 million down, you still have a $4 million mortgage. Okay, a $4 million mortgage. I'll tell you what that looks like, dude. Okay, just just so we're all on the same page. Okay, so uh $4 million times let's go 0.0 06 would be Oh, yeah. Cool. So, with a 6% interestonly payment without uh any impounds, that's $20,000 a month. It's a lot of dough, dude. And that's if they put 2 million down. Okay. And that's also, I don't know, 6% interest only is probably pretty low. It's irrelevant. Okay. He probably had a much better rate than that actually because he probably bought that way before the rates went up. Not relevant. I'm just talking. Okay. TPUSA because it seems to me like this web is super complicated and an organization with over a hund00 million in revenue in 2025 with documented payments to companies operating from USPS UPS store mailboxes with a $1,000 shy of a million paid to someone named Nicholas Miller who can't be found who actually doesn't even exist to my knowledge for re >> he said that they paid paid $999,000 to someone named Nicholas Miller and they can't he can't seem to locate who this Nicholas Miller was, right? And this is the person who has done a full audit on their stuff. Like he's found all this other stuff, but he can't seem to find who this Nichol, you know, Nicholas Miller is a pretty uh, you know, pretty consistent name where if you're trying to find a specific Nicholas Miller, good luck. And why 999,000? You know what I mean? I mean, I don't know anything about how these regulations work. So again, I'm be I'm not a smart person, okay? And anything that you hear after this, you just remember I am not a very smart person, right? So if you hear anything that sounds like I might be a lot smarter than I lead on, it's a mirage. Okay? It's a mirage. But let's just continue. Any other questions? >> Research that nobody can find. That's for another video. [clears throat] $999,000 for research. Did Baker Tilly look into these payments? Did they verify that 110 LLC run by a man banned from every major social media platform for marketing actually delivered $4 million worth of digital advertising. Talking about Hoffman here. Jake Hoffman has been banned from every major social media platform according to uh my boy Denier. And he's still getting paid millions of dollars. Like where's it going? Where's it going? Now, I will say this though. Okay, this is very important. Okay, you know what? Actually, I'm gonna probably put that at the beginning of the video. But either way, okay, Jake Hoffman, okay, having this website that's very hard to find. Okay, we and I was like, why would you have this website if you're a social media company and you can't see, you know, you can't figure out like you can't find it? Why would you have a website if you have if you don't want people to find it? Okay. And I was saying like, oh, it's probably like a fake company. Maybe not. Okay, because what he got banned for is running troll farms and stuff like that. So like this is all stuff that would be very clandestine. Okay. So, if he's still getting money, then what that probably means is he's actually running troll farms. Not necess I mean, I don't know for sure obviously, but it's like that is stuff that you want to do real quiet cuz you don't want anyone to know that these troll farms that are saying we love whatever, we hate whatever are not real people, okay? Not real people. Now it honestly what's been going on lately too like literally what has been going on lately I am starting to very seriously suspect that there are troll far the the mother of all troll farms is being used against all of us right now. Okay, that is my hypothesis because there is a clear split happening. I'm gonna do another video on it right now where you have c like you have Candace and Alex Jones fighting each other. What? Like, how does that happen? How does that happen? Okay, I have a real objective mind here. I'm looking. I'm like, what? These are the same audience. This is the same audience. How are they doing this? And I start looking a little bit closer and then I'm putting my ear to the ground and I hear some stuff and I'm like, "Okay, a that right there, that's intelligence interference for sure." That one part. I'm going to do the video on it. Okay. And then you have this like, dude, anywhere I look, it's like if I go here, it's people attacking this person. I go there, it's people attacking this person. I'm like, are these real people? Like are these real people or are these bots that are made to rile up the creators themselves and the some of their people to make them fight? Okay, the re what makes us strong is unity. Okay, that is what makes us strong. If you find a way to make them fight with each other, that makes us all very weak. Okay, can you think of anybody who wants us to be weak? I can. Okay, but anyway, that's another video >> from Arizona. Try to find them on Facebook. Did they knock on the door of the UPS store at 18521 East Queen Creek Road like Zach did from Wolves of Finance and ask where the office was? Because I don't think you can run $4 million out of a P.O. box and three public documented advertisements over years of existence with no changes to their website. >> Well, that is if they're doing real marketing. if they are doing troll farms, you know, from uh companies that, hey, Jake Kaufman no longer has anything to do with because he's banned on social media, that would explain that. You know what I mean? That would certainly explain that. It's better than embezzlement. You know what I mean? Better than embezzlement, that's for sure. Uh but the point really is that if anyone has put stock in the fact that because TPUSA had you know uh good signoffs from in you know from uh accounting firms then I think I need to educate you a little bit on the history of accounting firms in this country and scandals that have come from bad accounting from bad accounting firms. Let's at least take a look at Arthur Anderson. you know, prior to the uh financial collapse. What financial collapse? Okay. So, Arthur Anderson uh once global uh top global accounting firm collapsed due to its complicity in the massive fraud at Enron, its client Anderson failed to detect Enron's accounting tricks, signed off on fraudulent financials, and then ordered the shredding of related documents leading to obstruction of justice charges, a conviction later overturned by the Supreme Court, uh and its disillusion in 2002, a major event in the history of corporate accounting scandals. So, wait a minute. Are you saying that there's a history of huge top 10 firms looking directly at fraud and then just going it's fine it's fine you know now uh just I don't know I don't know if this is necessarily relevant but uh Anderson served as both Enron's auditor and its consultant creating a conflict where Enron losing where losing Enron's lucrative business was a major concern leading to lacks oversight H uh also accounting fraud. Enron used complex accounting schemes to hide debt and inflate profits which Anderson failed to uncover or challenge. Document destruction. We all just talked about that. They burned all of the uh documents, shredded all of them. It's one of the most legendary document shreddings of all time. Uh and that led to their demise. Okay. So, Enron scandal along with others like WorldCom exposed deep flaws in corporate governance and auditing leading to significant reforms. uh Arthur Anderson's fall from grace from the big from a big five firm to bankruptcy served as a cautionary tale blah blah blah. Now, it's funny that we bring up this and the uh you know the financial collapse and I'll tell you exactly why is because what happened in 2008 okay what happened in 2008 was something so dirty similar to this kind of thing except that the entire industry of investment banking was doing it together. Okay, we're not talking about an individual company like Enron who decided they didn't want to be an energy company anymore. What they wanted to do was just make [ __ ] up, you know, like just make things up. They're like, "Oh god, come up with a great idea." They're all, "How about we trade in weather?" They're like, "Weather? Yes, let's trade in weather." How are we going to trade in weather? They're like, "Well, when the weather changes, insurance companies exposure goes up and down based on the weather." So, if you could predict the weather and you can get ahead of it, then guess what? You can get ahead of what insurance premiums are going to be and you could trade on those and we can make money. Come on, guys. Let's do this. I mean, how are we making all of our money? They're like, uh, trading in oil futures. And sometimes we win and sometimes we don't. Uh, you guys have any other ideas? They're all, yeah, I do actually. Let's exploit California's regulated energy market and we can withhold the energy to make the prices spike and there's nothing they can do about it legally and then we'll sell it back to them at like I don't know seven eight times the price. They're like that sounds illegal. It's not. I mean but even if it was we'll just go ahead and say it's Gay Davis's fault. We'll push him out of California and then we'll get uh Arnold Schwarzenegger elected with the understanding that he just doesn't look at anything that Enron has been doing in the California energy market. You know what if we just did that? What if we just did that, Jesse? How do you know so much about this? What? How do you know so much about this stuff? Uh me no, I don't remember the dumb jiu-jitsu guy. Okay. I don't know anything about this stuff, dude. I really don't. I'm just talking. I'm saying words. I don't know anything about this stuff. I'm just talking. Okay. If this happens to match reality, that is dumb luck. I have landed on it accidentally. I You know what I mean? Wait, did they successfully get the California governor out of office? Yeah, they did. they impeached him or uh I'm sorry uh recalled him and then they really got Arnold Schwarzenegger to win and uh that's how they avoided dealing with that at the time. So there's that, you know. Wait, weren't you talking about the financial collapse? Oh yes, I was. Sorry about that. So at the time when Enron was doing all this stuff and everybody thought that they were some kind of like unique case, right? I could go through a million other things that they did by the way, but some unique case. Then you know when the bottom fell out, the bottom only fell out on them, right? The bottom fell out on them and it was a huge scandal because they had done all of these dirty tricks, whatever. During the financial collapse, what had happened was every single person, company, organization in the entire investment banking like world had collaborated to exploit the subprime mortgage market. I don't even understand a subprime mortgage market. That's correct. The subprime mortgage market. How many subprime mortgages mortgages could you do? How could that take down the entire financial system? Simple, actually. What they do is very similar to what we talked about with the weather, the Enron thing, because if you allow derivative trading, which means that you can essentially create insurance policies on top of all of these other types of products. So example being uh collateralized debt obligation would be a you know like a combination of a a million a million you know loans right so if the subprime mortgage you could actually in cos you can combine you know like car loans credit card loans basically any kind of loan but let's just talk about mortgage back securities so mortgage back securities what that means is that instead of you investing in a single mortgage they take thousands of mortgages and they put them into a product and then they sell them to the investors and they go hey man Listen, these payments are going to come in every single month. It's a mortgage. People need to live in their house. They're going to pay their mortgage. It's going to get paid to investors. It's a rockolid investment. And so people like or I guess organizations like the many I don't know, uh Minnesota teachers, you know, teachers union or whatever. This is not an exact one, but or Mississippi teachers union. I'm pretty sure they tied their pension to exactly that. They're like, "It's all a bunch of mortgages. What's what's more rock solid than that?" They're like, "I don't Why don't you ask the credit rating agencies? And so the rating agencies, which look at every single investment and tell you how safe it is, they looked at these mortgage back securities built out of subprime mortgages. And they were like, "This is AAA rated, which is essentially equivalent to a government bond, which previously had been probably the most rockolid investment anyone could ever get that you can rely on that as as surely as you could rely on the fact that gravity exists, right? Except the problem with that is that underneath the mortgage back securities was an entire industry totally out of control because the banks that were loaning the money to the individual borrowers were not going to be servicing those loans. Which means they were going to loan the money and then they were going to sell that loan to another bank and then they would build these collateralized data debt obligations in this case mortgage back mortgage back securities and then they would sell them to other people. And so at no point along the way does anyone actually care if these people are going to pay back the mortgage. And what does that lead to? It leads to stone outright corruption. So what ends up happening is they start giving loans to anybody. Do you have a social security number? Yes, I do. They're like, do you have any uh trade lines on your credit report? They're like, I have four. All right. What do they look like? And the example I'm going to give you is an actual credit report that I saw one time. Okay. And this person got a loan. Okay, this person had four trade lines ever. Two of them were at furniture stores for loans that were under $1,500 and they never paid them back. They defaulted on it. The other two was a car loan that they were current or like they were making payments on, but they had 90-day lates on, which means they had gotten 90 days behind on this car loan and then they had one other one. Okay? They had never stayed current on any of the four loans that they had taken. They had a 480 credit score. That person got a mortgage loan. Okay, we called that like a hard money loan, but they lent that person money. Okay, so when you take that example, that's an extreme example, but you also I mean listen, dude, if someone I got loans from people who had 575s, you know, never mind, I was not involved in any of this actually, but you know, there were loans given to people who had like 570 credit scores, stuff like that. Okay. Now, you take that single bit of reckless lending and then you multiply it by everyone. And you also create an industry where every single person and bank is trying to sell you a new mortgage every 6 months. So, people keep on doing these new mortgages and it's a game of hot potato. As soon as there's no more room for people to refinance their house because the house is no longer worth so much more that the banks feel like there's no risk, even if they default, they get the they get the asset. If people don't pay their mortgage, they're like, "Whatever, we'll just take it back." But also, they don't care anyway because they're going to resell it and they're going to sell it to the teachers in Mississippi. So, at a certain point, this is a house of cards that's going to collapse. Now, that on its own for sure was going to cause a complete and total collapse of the industry. That was a certainty. But what they did on top of it was instead of just trading on the actual mortgages, they created derivatives, which means that they took synthetic versions of the exact same mortgage back securities and they were like, "Okay, well, we'll sell these also." Then they started doing credit default swaps. Credit default swap per Oh, what the [ __ ] is that, Jesse? I've heard all of these terms before. I don't know what they mean. Simple. Okay, credit default swap means that you are buying insurance against a mortgage that is not yours. Okay, except that you're buying it against a huge mountain of mortgages. And so what that means is you start paying insurance premiums. Okay? So like let's say you guys remember AE uh AIG AIG Oh my god, how does AIG own owe a hundred billion dollars, dude? I could tell you, okay, because they were an insurance company and what a a credit default swap meant was people were buying they were buying insurance against mortgage back securities. Okay. So they basically pay a monthly premium to ensure the mortgages that are in this mortgage back secure security. At a certain point if enough of those mortgages fail then they get to collect on the insurance that they have paid because they're paying insurance in case okay in case the mortgage back the mortgage back security fails. Okay. Do they own the mortgage back sec like do they own the mortgage back security the people who are buying this? Of course not because there's no regulation whatsoever in the uh you know in the financial market. So, just to be clear, right, if you want to buy insurance on something in your life, you need to own that thing. Why would you be buying insurance on something that you don't own, right? Because you understand if you pay for insurance on something and then that thing fails, the insurance company has to pay you the value of the thing that you insured. Okay? So, but wait, what, Jesse? What are you talking about? What? Uh, sorry, I uh I I lost my train of thought. What was I saying? They're like, you sounded like you have a shocking understanding of all this. I don't, dude. I don't I don't know anything. I got possessed. Uh I don't even remember what I was talking about. You were talking about credit default swaps insurance on mortgage back securities. Yeah, but I don't even know what the I don't even understand how it works. Yeah, you do. Dumb juditu. I don't know where this is all coming from. I don't understand this stuff. Anyway, so let's say that I was going to buy insurance on my next door neighbor's house, right? And the reason that I am buying insurance on his house is because if I knew it was very likely to burn down something like that, then guess what? It's a $500,000 house. I only paid $2,000 in in premiums on the mortgage. So if it happened to burn down, then I get $500,000. So it's like, okay, but so why should you be able to buy insurance on his house? Wouldn't that incentivize you to buy insurance on things that you think are going to fail? Yes, it would actually. It absolutely would. Okay. So, why would that be legal? Excellent question. Excellent question. But somebody created that financial product on the market and so people started trading uh credit default swaps on mortgage back securities. And the reason they did that is because as soon as they looked into those mortgage back securities, which is just a big jumbled massive amount of of mortgages, they looked under the hood and these AAA rated investments were filled with nothing but people like I described who have never made any payments on their on their house. These are these are completely unqualified borrowers who were given these mortgages because the people who gave them to them had no invested stake in whether they were going to pay them back because they immediately sold them. So they don't care. Pass the potato. Pass the potato. We're making money. Who cares? Okay. So then when the smart people figure that out, they start in buying insurance against those mortgage back securities. And as soon as those things started failing because no longer the mortgages or or the the home values are going up, you can't refinance anymore. Now you're stuck. Hot potato is burning your hand off. Okay? And as soon as that starts to tumble, now the values the values of homes are really going down. Now you really can't get out of them. Oh, and I forgot to mention that throughout this whole process, you're selling more complex and less stable loans, which means for sure that if this person, this borrower cannot even even qualified borrowers, if they can't refinance in 5 years, they're [ __ ] If they can't refinance in two years in some cases, they're finished. They're not going to be able to afford the payments. And so, what ended up happening is bit by bit, it started to collapse one by one, and then it all collapsed because guess what? All of the mortgage back securities, all the derivatives that were being traded on top of the mortgage back securities, the synthetic ones, all of that stuff completely imploded. And where is all this money going to come from? This this organization owes this organization $100 billion. This one just lost its entire mortgage back security like portfolio. This insurance, this insurance company's out of business. This investment bank's out of business. This investment bank is out of business. It imploded completely because the rating companies rated them AAA. The people on the ground were selling [ __ ] loans to people that they knew they wouldn't be able to pay back because they didn't care. The investment bankers were investing in all of this because that's what they do. They predatorily find deals that they can profit from. That's their job. And they found a million of them. There's no [ __ ] regulations. Look into Larry Summer's role in this entire thing. You know, you might remember him from such things as the [ __ ] Epstein list. Okay. And so when we start talking about accounting firms and they're like, "Oh yeah, they got a clean [ __ ] audit." Okay. I'm like, "Oh, wow. I bet that means they're clean. They're probably crystal [ __ ] clean, dude. Probably clean as a whistle. Okay. or not.
