Monday, March 10, 2014

Contributions to the Financial Crisis

"The email from a Credit Suisse executive was blunt: The bank seemed to be pushing through risky home mortgages from questionable applicants.
One borrower, the executive wrote, appeared to be a gas station attendant who was living with his mother while claiming to make $93,000 a year. Another was a former sales clerk at Nordstrom who was said to be making $110,000 a year.
A different email, from another Credit Suisse executive in June 2007, went further: “Our diligence process is such a joke.”  NYT 9 March 2014
The joke was on us.  These guys still have not been held accountable for all the pain they created.

No comments: