Thursday, February 25, 2010

I saw the following headline this morning in the Times: Banks Bet Greece Defaults on Debt They Helped Hide If one switches the word 'Greece' to 'Housing Market', one can gets to an eerily similar situation that happened in 2008.
When the F*** are we going to reform them?
As Greece’s financial condition has worsened, undermining the euro, the role of Goldman Sachs and other major banks in masking the true extent of the country’s problems has drawn criticism from European leaders. But even before that issue became apparent, a little-known company backed by Goldman, JP Morgan Chase and about a dozen other banks had created an index that enabled market players to bet on whether Greece and other European nations would go bust.

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