Quote:
Originally Posted by joshgirls
not exactly. pooling bad mortgages into complex derivatives & selling them privately, with no exchange or oversight. The ponzi was selling these fraud securities to other banks, investors, pension funds etc. When the mortgages failed, the people holding the derivatives were the suckers. & the bankers walked away with fortunes.
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Wow.. Really? Someone needs to go do some reading as to what exactly a Ponzi scheme is...