Wednesday, September 3, 2008
Can't Trust Anyone http://biz.yahoo.com/ap/080903/sec_subprime_charges.html
These two Wallstreet brokers told clients that they were investing in federally insured high risk securities, when they actually weren't covered at all and ended up falling through. Its scary when people who are dealing with someone's money, especially that much, would go and do that.
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The episode of This American Life which I'm asking you to "read" for Tuesday discusses exactly this kind of thing. The article mentions CDOs -- keep an ear out for them in the episode . . .
The phrase "money safe" plays a big role too.
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