By Alexander Apostolides on September 05, 2010

The Truth about the damage done by CDO's desks to their Banks

It's time to kick out the complicated finance desks out of banks. If anything this amazing podcast - which is a part of Pro-publica and NBER radio to uncover the real jerks in the financial system who knowingly made the financial crisis worse, shows how the desks worked against the system and their banks for their own private gain.
The podcast focuses on the CDO desks of the banks who essentially cost their own banks billions so that they could keep getting commissions. The resulting bailout did not come out of their pay-checks, but was picked up by the world's taxpayers.
The global financial system needs a radical re-haul, and unfortunately those doing the restructuring have been made rich by it, and thus unlikely to push for radical change. Very depressing stuff.

No comments:

Post a Comment