Thursday, April 02, 2009

Stupid Or Corrupt?

Josh flags this post at Big Picture. A fundamental question is whether all parties knew these transactions weren't real, that the insurance they were buying was fake.

But, to some degree, it doesn't really matter except for those of us who like to get outraged by these things. However this situation came about, the powers that be are most interested in preserving the institutions most responsible for it. Why that is I do not know, but that's where we are.