LOL!
These mega banks are looking like Enron. Creative to the point of destroying themselves. Well, most people in finance saw this coming, and here we are.
I thought this stuff was against the law, after enron they passed some legislation that made CEO and execs more accountable? Let’s see about that.
Yea now they have to give back a whopping 60% of what they stole. I tell ya it’s hard out there for a pimp.
This time, it wasn’t even creative. It was a rehash of the junk bond schemes of the 80’s. Package bad debt into bonds and sell them.
Then, the debt was corporate. Now the debt is mortgage.
I’ll bet a cruller some idiot tries to package retail debt, credit cards and such, and try to sell that.
Might take five years to come around, but we’ll see it.