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> A banker's job is packaging risk, which they did. It seems as if they hid the risk, and may even have increased it, along these lines: http://unqualified-res
by DougBTX 18y ago
> A banker's job is packaging risk, which they did.
It seems as if they hid the risk, and may even have increased it, along these lines: http://unqualified-reservations.blogspot.com/2008/01/straightforward-explanation-of-present.html http://unqualified-reservations.blogspot.com/2008/01/straigh...
- anamax 18y agoThere's nothing at that link to suggest anything about what bankers in this universe did or didn't do. Note that some of the slicing and dicing was intended to turn a pile of mortgages into two financial instruments, one with less risk than the original pile and the other with more risk. The two instruments would then sell for different prices. And, are the buyers actually the financial illiterates that the "buyers didn't know" argument requires? I wouldn't call Merrill Lynch naive about money.