Re: What Created This Monster?

LOL!  What else could it be other than greed.  Though it really is a 
mere pitance and way overblown by the media in the total scheme of 
things.  Their greed begets the greed of the media.

Fred

"Doobie Keebler" <kooper.db@[EMAIL PROTECTED]
> wrote in message 
news:f3c1eec1-9873-4372-bf15-1ecfc7d3000e@[EMAIL PROTECTED]
> "Bear Stearns has made it obvious that things have gone too far. The
> investment community has morphed into something beyond banks and
> something beyond regulation. We call it the shadow banking system."
>
> NYTimes.com
> March 23, 2008
> What Created This Monster?
> By NELSON D. SCHWARTZ and JULIE CRESWELL
>
> <excerpts>
> .
> The Federal Reserve not only has taken action unprecedented since the
> Great Depression -- by lending money directly to major investment 
> banks
> -- but also has put taxpayers on the hook for billions of dollars in
> questionable trades these same bankers made when the good times were
> rolling.
> .
> .
> On Wall Street, of course, what you don't see can hurt you. In the
> past decade, there has been an explosion in complex derivative
> instruments, such as collateralized debt obligations and credit
> default swaps, which were intended primarily to transfer risk.
>
> These products are virtually hidden from investors, analysts and
> regulators, even though they have emerged as one of Wall Street's most
> outsized profit engines. They don't trade openly on public exchanges,
> and financial services firms disclose few details about them.
> .
> .
>
> full text
> http://www.nytimes.com/2008/03/23/business/23how.html?ref=business