How Ratings Agencies Built the Foundation of the Financial Crisis

It’s been clear for a long time that the decimation of the U.S. economy couldn’t have occurred without the ratings agencies that were charged with determining how risky all of those mortgage-backed investment products might be.  And, since it was very hard to believe that agencies which had successfully performed this role for decades had simply suddenly forgotten how to …

Hollywood Gets It…Now for the Regulators?

This post appeared today on Washington’s Blog.  Since the author kindly allows reposting with attribution, we’re bringing you the post in its entirety, but be sure to click through and look around.  This aspect of the financial crisis isn’t the only social injustice Washington’s Blog takes on, nor is this the only piece of the financial record they’re setting straight. …

Banks’ Self-Dealing Super-Charged Financial Crisis

From ProPublica: by Jake Bernstein and Jesse Eisinger ProPublica, Aug. 26, 10:09 p.m. Over the last two years of the housing bubble, Wall Street bankers perpetrated one of the greatest episodes of self-dealing in financial history. Faced with increasing difficulty in selling the mortgage-backed securities that had been among their most lucrative products, the banks hit on a solution that …