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.

“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.”

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