Your Bailout Dollars At Work
(Business • Economy)
More ribald hijinx from those lovable financiers down the block:
“It’s like buying fire insurance on your neighbor’s house — you create an incentive to burn down the house,” said Philip Gisdakis, head of credit strategy at UniCredit in Munich.As Greece’s financial condition has worsened, undermining the euro, the role of Goldman Sachs and other major banks in masking the true extent of the country’s problems has drawn criticism from European leaders. But even before that issue became apparent, a little-known company backed by Goldman, JP Morgan Chase and about a dozen other banks had created an index that enabled market players to bet on whether Greece and other European nations would go bust.
This pretty much leaves me speechless this morning.
→ B.Dunn, Feb 25, 2010, 04 26 am
