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O/T Is this true?
On Thu, 09 Oct 2008 13:51:07 -0500, Dave wrote:
On Thu, 09 Oct 2008 13:26:02 -0500, said: Really? Please quote the clause in the Community Reinvestment Act that told investment banks to leverage their position in subprime CD0s to suicidal heights. This mess isn't because of the CRA, it's because of greed, and Wall Street group-think. Subprime mortgage defaults are only the visible cause. A healthy bank can withstand a 25% default rate in the subprime sector, leverage that risk to 33-1, as one bank did, and it's bye-bye. Greed and bad business practices brought on this mess. I think you'd best go take a nap while those who know something about the topic have this discussion. Like the management of Bear Stearns, Merrill Lynch, Lehman Brothers, AIG? |
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