Who inside Wall Street dreamed up the first subprime-mortgage- backed mezzanine CDO and allowed BBB credit to be laundered through the credit-rating companies and come out the other end as AAA? Who inside the credit-rating companies made the decision to rubber stamp the paper? Who inside Lehman Brothers -- and at all the other Wall Street firms -- fought to get into the business over the objections of saner traders?
Thursday, September 18, 2008
Who Are The Villains?
Bloomberg's Michael Lewis asks and attempts to answer the big question...
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