Date: April 29th, 2008

Anatomy of a coup: Part 2, Friday and Saturday

29 April, 2008 (08:33) | Banking, Markets, Subprime, US News | No comments

[Continued from yesterday's Part 1.]  
I think the invention of global securitization is at best an act of naivete, and at worst an unsupportable negligence. We’ve stayed financially solvent because we’ve built up an equity, and we’ve kept the liquidity and credit markets because we’ve dealt with counterparties who knew we would take that equity.  [...]