Oh, so NOW he tells us.


http://www.bloomberg.com/apps/news?pid=20601087&sid=aJ8os6vTknLk&refer=home

The non-Greenspan-speak translation? "I'm SHOCKED! SHOCKED I tell you - to find out that fianncial executives weren't looking out for the best interests of their shareholders."

**sigh** Show of hands - any Compliance Officers who were shocked to find out that executives would make bad decisions?

My hand is firmly on my keyboard...

"So, it turns out that it's really bad to lend money to people who can't pay it back. Who knew?" - caption of an op-ed cartoon showing two Wall Streeters walking and talking.

Then click on this video:

http://www.youtube.com/watch?v=T1DEG6BWgp0

'nuff said....

I think this tells the story best:

The Subprime Primer

Beware of the bad language.

that is classic. i saw it a year ago!

Youtube...

i saw the stick figure subprime thing over a year ago.

It really is! It's a brilliant, witty, lucid explanation.

And sadly reminds me of arguments I lost with management at banks where I USED to work.

I met Alan Greenspan when I worked for the Federal Reserve.

That subprime primer was the absolute best! Thanks!