The economy is dying. That's not quite enough of a story for us to cover on this here blog. Except for one thing: The economy is so bad, it is killing the people who brought us down this road.
Roland Arnall, the founder of Ameriquest Mortgages, and a leading figure of the sub-prime mortgage scandal because of accusations of its wrongdoing, has died at the age of 68. The cause of death was officially cancer, but those who knew him say that he really died of a broken heart mortgage backed security.
Arnall was also a major Republican donor with strong ties to President Bush, and President Bush appointed him ambassador to the Netherlands in 2006.
"Thank you for the trust you placed in me, and the opportunity to serve our country," Arnall wrote to President Bush in a letter in February.In turn, President Bush was concerned by this development, but assured the Arnall family that Roland was "strong" and "going to be fine." The President said that he would not call this a 'death,' inasmuch as a permanent life cessation. Finally, he pledged to give the Arnalls a $600 rebate, a move which he assured would revive the dormant Arnall.
[International Herald Tribune]
