And this would be where I say ‘DUH’

Goldman Sach’s Tourre, who was recently found liable for misleading investors in a synthetic CDO he created to allow participants in the credit markets to ‘bet’ on whether not a basket of securities in a market would collapse. Note, the instrument was synthetic meaning that it wasn’t even composed of anything real. It was, effectively, a craps table side bet.

The NYT’s DealBook finally figured this out. Wonder if they had help from our posts here and here.

For those of you who like to whine about regulation, check this out and see if you can draw the comparison we’ve already drawn.

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