21 The Real Game of Missing Money IV. Building Hamilton Securities (August 1990–November 1995) “F**k you!” ~ Mike Eisensohn of Harvard Management to Catherine Austin Fitts after learning of her competitive bidding design for the first $750 million HUD auction, which included defaulted mortgages on properties managed by NHP, Harvard’s HUD management company “As long as I can get government subsidies, what do I care if people have education or jobs?” ~ Dick Ravitch, Chairman, AFL-CIO Housing Trust and later Lt. Governor of New York W orking in the Bush Administration had made two things clear about the reforms un- derway to reengineer the financial system. My first observation was that the securities markets were going to grow, including the securitization of the mortgage and real estate industry. This was confirmed after I left HUD, when Richard Breeden, Chairman of the Securities and Exchange Commission, asked me to join his Emerging Markets Task Force. After approaching countries throughout Eastern Europe and Asia about starting stock markets, his staff had discovered that their priority was also to start liquid mortgage markets. The second thing that was abundantly clear to me was that the Internet and digital communications would have a dramatic impact on all aspects of the global and domestic economies.