One startling fact cited in this conspiracy theory, is that the office responsible for overseeing Credit Default Swaps had its staffing reduced from 100 to... ONE person. Giving evidence to Congress, the Chief Accountant of the Securities & Exchange Commission said "... there has been a systematic gutting, or whatever you want to call it, of the agency and its capability through cutting back of staff."
Oh dear, I thought conspiracy theories were for nutcases. Maybe I'm wrong.
5 comments:
In 1986 or so, a member of the Reagan administration stated that he wanted to 'get government small enough to drown in a bathtub'. The method described was to bakrupt the system.
The likely result is the exact opposite, as we see.
How did the cunning conspirators oblige the European banks to buy the toxic rubbish?
Greed, booze and girls?
Much simpler, and not requiring any graft - the returns on the derivatives were far higher than could be achieved with 'real' investments, and bankers are greedy.
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