With the GameStop hearing firmly in the rearview mirror the heads of the major US banks are looking to readjudicate the 2008 financial crisis by blaming it on a redditor who was regularly posting in a sub-prime mortgage subreddit.
The subreddit mostly discussed how to best take advantage of the lax rules and game the system to be able to purchase houses well above people’s means in what was a white hot housing market.
The redditor, Paul McDonald, known online as u/housebreaker provided step-by-step instructions on how to bypass the few safeguards in place to get a mortgage when not qualifying. This likely led to the entire collapse claims the banks.
“We took the entire blame for that mess,” said Bank of America CEO Brian Moynihan. “Turns out we were just duped my these nefarious actors and to be honest I feel like the American owes us an apology.”
If the banks get their way McDonald faces over 200 years in prison and possible fines of $950 billion dollars.