Ursa Majoris Posted April 18, 2009 Share Posted April 18, 2009 Reading the March copy of Wired, I came across these two articles. Both are long but fascinating. The first is all about the formula that was produced in 2000 and was adopted by Wall Street to judge value of CDOs, etc. Problem is, it was completely wrong. The second article has a whole new view on how Wall Street can be made completely transparent without putting in a ton of government oversight (because we know how well THAT has worked). Wiegie - interested in your take on these. The formula that wrecked the economy Transparency in Wall Street Quote Link to comment Share on other sites More sharing options...
keggerz Posted April 18, 2009 Share Posted April 18, 2009 without clicking either link: GREED Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted April 18, 2009 Author Share Posted April 18, 2009 without clicking either link: GREED Actually, laziness more than greed. Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted April 18, 2009 Share Posted April 18, 2009 I could have sworn there was a thread about this already, but I couldn't find it. I watched "Enron: Smartest Guys in the Room" last night on HDNet, and came away from it thinking that these banks should have gone out of business a long time ago. I had no idea that Lehman Brothers, Bank of America, Citigroup, and JP Morgan Chase were so complicit in all that illegal activity. They settled with a class action lawsuit by Enron shareholders for like 7 billion dollars rather than go to court. That's a pretty hefty admission of guilt. We don't just need regulation, we need actual enforcement. The SEC and IRS need to have a little bit more teeth to enforce their rules or they are going to get led around by their noses until it all blows up again. Quote Link to comment Share on other sites More sharing options...
Chavez Posted April 18, 2009 Share Posted April 18, 2009 Actually, laziness more than greed. Add some hubris and stupidity into the mix as well. Quote Link to comment Share on other sites More sharing options...
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