Wall Street Smarts
A contributing writer for the New York Times tells a story of a well-dressed, financially safe man claiming to know why the financial system almost collapsed in fall of last year. Essentially, he said that the smarter students of his generation untraditionally went to Wall Street for money to pay for their education and later pursue their real interests. In turn, they were the ones to create instruments like credit default swaps, which generated substantial money for their firm's owners: the not-so-smart students. And when these owners got greedy, the unregulated credit default swaps proved dangerously unreliable in the credit crisis.
Source: NYTimes.com | October 13, 2009
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