They weren’t just told to make the bad loans. They were told they couldn’t make good loans if they didn’t make the bad loans, in an environment where the price of their collateral was going up faster than the rate of default. They also couldn’t buy sell, or merge with other companies.
I’m sure you’re right...but even so, THEY KNEW the loans were crap and they saw them getting AAA Ratings and DID NOTHING.
Maybe I live by a different set of ethics?