What did the company do with the “sale” proceeds from such securities sales? It used them to pay of debts. The company overextended itself in this and was able to “move” $50 billion of its balance...

What did the company do with the “sale” proceeds from such securities sales? It used them to pay of debts. The company overextended itself in this and was able to “move” $50 billion of its balance sheet. This means that $50 billion was termed cash and not “toxic assets” or illiquid, high-yielding assets or even a loan! That is fraud.