He did more than just place a bet. He carefully read the prospectus of the individual bonds he was shorting. He looked into the underlying loans that the bond

He did more than just place a bet. He carefully read the prospectus of the individual bonds he was shorting. He looked into the underlying loans that the bond was based on. He saw: no income verification, no down payments, and inflated home prices. This is something the people buying the bonds could have and should have done themselves.