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11/24/07
Wall Street’s money machine breaks down
Filed under: General, Business, Mortgages
Posted by: Lillian Wong @ 1:54 pm

(Fortune Magazine) — Two things stand out about the credit crisis cascading through Wall Street: It is both totally shocking and utterly predictable. Shocking, because a pack of the highest-paid executives on the planet, lauded as the best minds in business and backed by cadres of math whizzes and computer geeks, managed to lose tens of billions of dollars on exotic instruments built on the shaky foundation of subprime mortgages.   More…

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