Mary Fricker • RepoWatch.org • October 20, 2012
When Treasury Secretary Henry Paulson said in September 2008 that he needed nearly $1 trillion to fix the financial markets, I knew subprime mortgages alone could not have done that kind of damage. Didn’t banks pool those loans and sell slices of the pools to investors? Don’t investors make and lose billions of dollars on the financial markets every day? Why were their losses suddenly landing in the taxpayers’ laps? Something else had to be involved, something hidden, something I wasn’t aware of, something dangerous.
Here it is.
What follows are (1) a definition, (2) a short article for beginners and (3) a story with much more detail.
Thanks for your interest.
Read the complete article here.
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