ABX Index: Some AAA Subprime Mortgage Bonds are Less Equal than Others [View article]
Dear Zachary, Thanks for your article.
I am a simple guy. When I did my MBA in 1974, all of these "investments" did not exist. About 18 months ago, Jim Juback, at MSN Money wrote an article that explained CMO's, AMR's, and all the other stuff that smart people dreamed up that started to unravel many months ago. Investment bankers created the cesspool that the country is now in. And they don't know how to fix it ( or won't fix it ). In my region (Carbon County, PA.) the local news reported that Carbon County recently received a $49,000 settlement on a lawsuit. Sounds good, doesn't it. But the money was from a class action lawsuit against Worldcom. The Carbon County Pension Fund LOST over $700,000 investing in Worldcom. The pension fund also lost $300.000 investing in Enron. It would seem to me that explanations like yours and Jim Juback's would not be necessary if Wall Street stopped trying to create new "products" to sell. We have been misled. Many have profited from it. And many more will be losers before it is all over. Whatever happened to ethics on Wall Street?
-
Dear Zachary, Thanks for your article.
Mar 05 05:20 am
|Rating:
0
0
All Comments by jjason »ABX Index: Some AAA Subprime Mortgage Bonds are Less Equal than Others [View article]
I am a simple guy. When I did my MBA in 1974, all of these "investments" did not exist. About 18 months ago, Jim Juback, at MSN Money wrote an article that explained CMO's, AMR's, and all the other stuff that smart people dreamed up that started to unravel many months ago. Investment bankers created the cesspool that the country is now in. And they don't know how to fix it ( or won't fix it ). In my region (Carbon County, PA.) the local news reported that Carbon County recently received a $49,000 settlement on a lawsuit. Sounds good, doesn't it. But the money was from a class action lawsuit against Worldcom. The Carbon County Pension Fund LOST over $700,000 investing in Worldcom. The pension fund also lost $300.000 investing in Enron. It would seem to me that explanations like yours and Jim Juback's would not be necessary if Wall Street stopped trying to create new "products" to sell. We have been misled. Many have profited from it. And many more will be losers before it is all over. Whatever happened to ethics on Wall Street?