Bloomberg News is a good source for poop on the financial markets. I found the story attached to this link to be, a very general, but good history of what allowed the whole mortgage meltdown to happen. Readers will remember that a less political version of this was presented last September 20 as well in my first posts. By the way, I and my two colleagues, at the company that we set up to provide the banks with a GAAP acceptable way of keeping the off-balance sheet vehicles off balance sheet, spoke with, basically anyone that would listen, but the SEC, staff people in both the Senate and the House, FASB and most of the banks. As I've tried to convey, the banks brought this mess on by gutting the new regs - as mentioned in the Bloomberg article.
It's now up to us to pick up the tab ...
Anyhow, here's the link: http://www.bloomberg.com/apps/news?id=20601170&refer=special_report&sid=aspN..hVXJC4
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