Herb and Marion Sandler may be the reason that SNL skit went down the memory hole.
This March, 2008 New York Times article on the Sandlers is good for a laugh:
“It starts with outrage,” Herb Sandler said. “You go a little crazy when power takes advantage of those without power. It could be political corruption — ”
“Or subprime lending,” Marion interrupted.
“The story of subprime is worse than anyone has written so far,” Herb said, shaking his head in dismay.
“It is,” Marion said, nodding in agreement.
You don’t say. And this –
Lowell Bergman, a New York Times and “Frontline” contributor who has long been friends with the Sandlers, says much the same thing. “Herb doesn’t like crooks, liars, predatory lenders and lots of other people that you and I wouldn’t like,” he says. “He would like to put them out of business and throw them in jail.”
It’s the hypocrisy, stupid:
Herbert and Marion Sandler, a New York lawyer and Wall Street analyst respectively, bought a small California thrift in 1963 and built it into GDW — one of the largest thrifts in the nation. The company’s business was built on adjustable rate mortgages (ARMs. These were mortgages offered at low “teaser” rates that ratcheted upward as interest rates increased. They were often sold aggressively to unsophisticated home buyers who did not comprehend the vast financial risks they were taking, or who assumed that housing prices would rise high enough to provide a profit to them when they sold their houses. They were targets for lenders peddling mortgages that should have been stamped with a skull and crossbones, for these were among the most seductive and dangerous types of mortgage.
I think I’ll hold my breath and wait for Congressional Democrats to investigate them, and at Herb’s own request, put them in jail. Yeah. That’s going to happen.
And what they’ve done for mortgages, they’d like to do for investigative journalism, via ProPublica:
ProPublica will offer its own test for the Sandlers’ approach to philanthropy. In the newspaper business, a good story that exposes wrongdoing is something to be proud of, quite apart from whether it produces change or puts someone in jail. But it is clear that the Sandlers have a larger vision for what their new organization will accomplish. “They used to tell me that they weren’t really interested in investigative journalism per se,” Lewis says. “But they saw it as a way to make the world a better place.”