Such righteous indignation at Goldman Sachs et Al.
Such scandal that would make one's career!
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Whoever designed whatever "dangerous vehicle of investment is beside the point"
Dylan Ratigan held up a car, and removed parts from it and then saying Goldman sold it as "unsafe"
The roadworthiness of these investment vehicles were determined with the rating agencies! AAA, AA or whatever... Moody's, S&P, Fitch...
Even if Goldman Sachs created the world's safest investment, if it didn't receive the blessing from the rating agencies, it wouldn't mean shit and no one would buy it.
All that anger... All that spite... yet none was directed at the root cause of the problem... Which is a regulatory system (both multi govt + private sector driven) based on rating agencies' ratings... ("yes, they said it was AAA, my ass is covered") gamed by all above.
If say I was a member of a retarded international bank... wanted to get into the game.
I would set up an SIV (Special Investment Vehicle). Borrow at my own interest rate and then buy AAA asset that would yield more... easy money... AND SAFE MONEY... Triple AAA baby...
So...
If you want to get indignant.. plz focus on the bodies that gave their blessing on the roadworthiness of these "dangerous" vehicles...
If not, we are going to scoop all of your asses in the US and arrest the rating agencies in Hong Kong first.
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