[geeks] [rescue] E250 temperatures

[Joshua Boyd]

On Apr 15, 2008, at 11:08 PM, Jonathan C. Patschke wrote:
>
> On one hand, the mortgage brokers outright lied about the quality  
> of the
> debt.  On the other, the people buying it on the open market  
> trusted the
> banks to rate their own debt honestly.

I missed that part of the saga.

> It's all a very sordid situation.  Again, the sad part of it is that
> purely innocent people that were relying on financial managers to run
> their investments will get screwed out of their retirements because  
> the
> financial managers were buying what they thought was good debt from
> banks who didn't know it was bad.

I would think that many people would have decades of reasons not to  
blindly trust financial managers.  Who hasn't heard of more than one  
story of managers of various sorts turning large fortunes into small  
ones, or turning small fortunes into nothing, often by following a  
policy of using your money to sell low and buy high, while charging  
you a fee for each transaction.