Tag Archives: sub-prime

An Empire Built On Bad Loans

December 28, 2008 – 10:01 am

In today’s New York Times via Obsidian Wings.
It’s hard to know what to excerpt here. The whole article is so shocking, you should really read the whole thing. However, this part was too good to not quote.
Yet even by WaMu’s relaxed standards, one mortgage four years ago raised eyebrows. The borrower was claiming a six-figure [...]

By Gary | Posted in The Bubble | Also tagged , , , | Comments (1)

Panic

December 20, 2008 – 11:36 pm

I’m a big fan of Michael Lewis. I loved both Moneyball and The Blind Side, two great books about the economics and strategic evolution of sports. I just finished his first book, Liar’s Poker: Rising Through the Wreckage on Wall Street. Lewis spent a few years in the mid-eighties working for Soloman Brothers as a [...]

By Gary | Posted in The Market | Also tagged , , , , | Comments Off