s skippy the bush kangaroo: this american life and pro-publica

skippy the bush kangaroo

Saturday, April 10, 2010

this american life and pro-publica

bring you an angering (yet intriguing) story of wall street greed, corruption and keystone cop behaviour.

read the story here.
in late 2005, the booming u.s. housing market seemed to be slowing. the federal reserve had begun raising interest rates. subprime mortgage company shares were falling. investors began to balk at buying complex mortgage securities. the housing bubble, which had propelled a historic growth in home prices, seemed poised to deflate. and if it had, the great financial crisis of 2008, which produced the great recession of 2008-09, might have come sooner and been less severe. at just that moment, a few savvy financial engineers at a suburban chicago hedge fund [1]
helped revive the wall street money machine, spawning billions of dollars of securities ultimately backed by home mortgages. - pro publica

listen to it here. (available in full form sunday)
a hedge fund named magnetar comes up with an elaborate plan to make money. it sponsors the creation of complicated and ultimately toxic financial securities... while at the same time betting against the very securities it helped create. planet money's alex blumberg teams up with two investigative reporters from propublica, jake bernstein and jesse eisinger, to tell the story. jake and jesse pored through thousands of pages of documents and interviewed dozens of wall street insiders. we bring you the result: a tale of intrigue and questionable behavior, which parallels quite closely the plot of a mel brooks musical. (40 minutes) - this american life

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posted by SantaBarbarian at 10:23 AM |


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