Post-Crash Purgatory and the Obama Help Plan That Didn't Help

• 23:23A hedge fund called Loan Star acquired Accredited and shut down all U.S. operations the very next day, after Cramer had just praised the company on air.
• 24:03The regional manager's final quote of the day before everyone got laid off was simply: 'Good luck.'
• 24:47Tim and his colleagues moved to a new small bank whose owner was a chronic drunk who slept at his desk during work hours.
• 25:16The drunk bank owner would answer the phone with instructions: 'If my wife calls, tell her I'm not here—don't tell her I was asleep.'
• 26:08When Tim asked the bank owner Bob to help close a loan, Bob called the buyer's mother in real estate, heard 'no,' and immediately returned to say the deal was dead.
• 27:00Someone at the company had to drive the drunk bank owner home every night, and during one drive he muttered apocalyptically about loans being frozen and trouble coming.
• 28:25Tim and his team were actually trying to do the right thing by getting people out of bad adjustable-rate mortgages into fixed rates, but couldn't because houses had lost 25 to 30 percent of their value.
• 28:51The Obama help plan didn't really help anybody, according to Tim.
• 29:08Management forced the entire staff to sit in a room for an hour every morning listening to motivational talks about starting the day with positive thoughts, while the company was completely dysfunctional.
• 30:05The drunk bank owner was a former CFO of a major mortgage lender on Long Island who had made serious money but was terrible at sales—he'd hang up on prospects calling them idiots.
• 30:39Despite the bank collapse, the former CFO didn't go under because he had 'white privilege,' and he likely ended up as a CFO at another company.
• 30:52The bank owner's doomsday muttering about regulators 'coming for them' turned out to be accurate—he could read the company's balance sheet and knew the collapse was coming.
• 31:08People have been contacting Tim on Twitter about topics discussed on the show.

private equityAccreditedJim CramerLoan StarObama help planHoulihans