“The simultaneous selling of securities to customers and shorting them because they believed they were going to default is the most cynical use of credit information that I have ever seen,” said Sylvain R. Raynes, an expert in structured finance at R & R Consulting in New York. “When you buy protection against an event that you have a hand in causing, you are buying fire insurance on someone else’s house and then committing arson.”
Saturday, December 26, 2009
Not Breaking: System Is Rigged
I would like to be able to say that this surprises the hell out of me, but sadly, it does not.