December 20, 2010

Alan Greenspan Confirms: Crisis Caused by Fraud by Counterparties

Note, he's not talking about fraud by the little guys; he's talking about fraud by "counterparties" – the people packaging and selling securitized mortgages and derivatives. This is from Nov. 9 of this year; too bad Greenspan didn't get clarity on this problem (or others) sooner.

Thanks to Karl Denninger's Market Ticker, one of few rational observers of economic news these days.

No comments:

Post a Comment