GOING BEYOND
4.27.2010
Why Greece could trigger another financial crisis
We all know the story of US subprime by now. Lord knows it's been trotted out enough. Bundles of home loans, dodgy borrowers, dodgy lenders, cunning investment bankers, amoral ratings agencies – it was a sorry tale of greed, stupidity, and smoke and mirrors. But it all boils down to this. Investors thought they were buying one thing (an AAA-rated security), when in fact they were buying quite another (a bundle of debts that could never be repaid in a million years).
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