Great editorial in the NY Times today about the meltdown on Wall Street.
The prevailing line seems to be that this all came about because of some perfect financial storm, that the big fellas (Bear Stearns, Lehmann, etc) didn't see any of this coming, and that the crash of all these mortgage-based securities was completely beyond their control.
At least someone's calling BS on this. They knew, they took unconscionable risks, and it was all due to one simple thing: Greed. That, and people who couldn't figure out how to make these companies sufficiently profitable without taking this low-road of least effort and resistance. So, Greed, and people who suck at their jobs.
Let's hope they can't slither out of this so easily.
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