Who/what part of “wall street” caused this problem?
Wall street bankers that did M&A or
Wall street bankers that were underwriters for IPO’s or
Wall street bankers that were involved in CDO’s
or who?
Or all of them? You don’t know, because well, sorry, most folks on Main Street don’t understand, so it’s kinda hard to assess blame. But there’s a lot of anger and frustration, so it ends up being a witch hunt.
Ok, and here’s the rub. If you don’t like Wall Street, don’t use one of their products. Don’t have an IRA/401k/etc, because those are the very instruments created by “Wall Street”[/quote]
Everyone in charge of originating, bundling, rating, and selling the “toxic” mortgages and related derivatives, etc. should take the first hit. Either they were grossly incompetent and totally undeserving of any profits they made (least likely), or they are criminals (most likely). I’d put Alan Greenspan at the very top of the list. After that, would come every single person who got in the way of investigators/auditors/whistle-blowers who were trying to do their jobs.
You don’t actually think it was all one big “accidental” mistake, do you?[/quote]
No, I don’t, but let me again ask. Who(m) on specifically on wall street should take the blame? Because Big Government sure wasn’t able to crack down on imposing Wall Street bonuses when XYZ works in the M&A department at Goldman or Morgan Stanley, and clearly had nothing to do with those toxic mortgages.
It’s getting kinda old that we keep blaming “Wall Street” for all the ills..
