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Actually, they relied on rating agencies that said these were not very dangerous securities. They should have done their own homework, but there are regulation
by owinebarger 17y ago
Actually, they relied on rating agencies that said these were not very dangerous securities. They should have done their own homework, but there are regulations on valuing a pension fund's holdings. The government fell down by not ensuring the soundness of those regulations in practice.
- greenlblue 17y agoIt's great that you're spreading around the blame like butter but the fundamental fact still remains that in the end it is individuals that make these choices and no matter how you look at it these individuals acted amorally and unethically.