Wednesday, Feb 01, 2012
But what about the Vampire squid?
Reuters: Ex-Credit Suisse traders charged in subprime case
"Several former Credit Suisse traders manipulated the books on mortgage-backed securities when the U.S. real estate market slumped in 2007 and 2008, two of the former traders at the investment bank said in court on Wednesday". ""While the residential housing market was in free fall and shock waves were reverberating throughout the economy, these defendants decided they were above the rules of the market and above the law. As alleged, they papered over more than a half billion dollars in subprime mortgage-related losses to secure for themselves a big payday at the same time that many people were losing their homes and their jobs." (and what about all the others?)
Posted by alan @ 10:23 PM (536 views) Add Comment
2 Comments
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1. paul said...
Yeeees. You always have to watch these cases because very often the (quite junior) bankers in question are being used as scapegoats for slack accounting and non-existent governance amidst a culture that encouraged risk taking.
2. taffee said...
the vampire squid is busy helping the us government connect the world via facebook 850 mill done anothe 6.25 billion to go.
once completely big brother prophesy will be complete!
why else is your data retained for 6 years(or probably forever)?