Thursday, December 06, 2007

Media: They are figuring it all out

Sooner or later, those crafty reporters will circle in on the real story. That much you can pretty much count on. You can't hide anything for long in today's modern, media-centric society. It only took these guys a year or so to follow the money back to Wall Street.

In today's International Herald Tribune:
"As the subprime loan crisis deepens, Wall Street firms are increasingly coming under scrutiny for their role in selling risky mortgage-related securities to investors."
I just hope the pendulum doesn't swing too far back in the other direction and our nation's best salesmen start getting pummeled for doing what they were told to do: sell off risk to investors who are either not savvy enough to know better or cocky enough to think they can make a killing and sell off before the bottom falls out.

2 comments:

Rick said...

Now our dogs have got the scent, according to a story in the Times.

And if the Wall Street firms were really in bed with the ratings agencies (the firms that are paid to evaluate risk and that are now redefining how they do that), things are likely to get nasty.

We're likely to see some players sacrificed in the days ahead.

Rick said...

Heh. Tanta over at Calculated Risk commented on this when the news first hit. Nice metaphor.