Two former Bear Sterns executives were arrested today for securities fraud. [NYT]
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To me this sounds a bit of a witch hunt to ‘blame’ someone for the sub-prime meltdown. As most people thought, the risk involved was known, but woefully under estimated due to the back flow of really bad mortgages that were being up sold to these funds.
I know it sounds boring, but I just listened to a fascinating NPR radio show that gives a great breakdown of how this whole mess happened; from homeowner to Bear Stearns and beyond.
This American Life
Speaking of TAL, they are giving away copies of that episode to people who donate to their home NPR station in Chicago.
shocker /sarcasm
i cant wait until they are sentenced…
they will each get $3B and life on a tropical island.