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Matt Taibbi reveals financial crisis smoking gun

submitted by radx

1 decade 1 year 5 months 1 week ago

Why create a financial product worthy of a good rating if you can just buy a great rating for your bucket of financial horse shit...

Matt sums it up nicely:

2008 was to the American economy what 9/11 was to national security. Yet while 9/11 prompted the U.S. government to tear up half the Constitution in the name of public safety, after 2008, authorities went in the other direction.

If you can imagine a post-9/11 scenario where there were no metal detectors at airports and people could walk on carrying chain saws and meat cleavers, you get a rough idea of what was done to reform the ratings process. -- Matt Taibbi @ Rolling Stone

Links: The Last Mystery of the Financial Crisis & You Fucked Up, You Trusted Us