murphys33

Fannie/Freddie Bailout 'Disastrous Fiasco'

The US has a funny system of keeping the bad performers in their jobs and paying them an awful big amount of money. The CEOs of most investment houses or banks that have their finger into the ABS, Subprime etc need to be sacked. They are supposed to be the experts in managing and controlling risks and they have shown by their actions that they were all clueless and subscribing to herd instinct kind of behaviour.
The credit rating agencies should also be shot - subprime paper rated at AAA and then downgraded to junk status almost overnight.... its blatant that they have misjudged!