It all started with derivatives. These cannot be explained and thus they were approved by the regulators. Billions were spent on “investments” that could NOT BE EXPLAINED. I sat through a bond sale (about $1 billion ) and could not understand the bits and pieces of derivatives that went along with the bonds. Others at the sale were nodding their heads like they understood them. Later they admitted they were clueless.
The broker was the guy that looked like a snake (with the hooded eyes). The derivatives went down and he went down with them.
tcolkett about 12 years ago
and……?
walruscarver2000 about 12 years ago
Well, that’s one way to level the economy: everybody broke. it seems to work in a lot of countries.
cjr53 about 12 years ago
Exactly, reinstate the regulations shrubster & cheney ditched.
gilmccarthy about 12 years ago
It all started with derivatives. These cannot be explained and thus they were approved by the regulators. Billions were spent on “investments” that could NOT BE EXPLAINED. I sat through a bond sale (about $1 billion ) and could not understand the bits and pieces of derivatives that went along with the bonds. Others at the sale were nodding their heads like they understood them. Later they admitted they were clueless.
The broker was the guy that looked like a snake (with the hooded eyes). The derivatives went down and he went down with them.
babka Premium Member about 12 years ago
Wall Street Gerbil – evidently the very rich have the occasional problem with the odd tush-tunneler….the little people.