Shadow Markets That Crashed the Economy

[Will Brink]

Anyone catch this on 60 Minutes last night? A VERY interesting segment on 60 minutes regarding something called a Credit Default Swap, which appears to be a major cause -if not the cause - of the meltdown, is well worth watching:

Calculated Risk: 60 Minutes: Wall Street's Shadow Market

 

[MCx2]

I saw that last night. Pretty amazing stuff. Unbelievable that so much can be going on behind closed doors, unregulated.

 

[min0 lee]

So many crooks out there, some rob the Country legally.
There were a few private corps who used to profit from arson....they made a killing....

 

[maniclion]

The SEC allowing them to regulate themselves was what led to unscrupulous shit like CDS'. And the whole debacle started in a basement meeting with few present....here's an audio link, the self regulation part is towards the end of the meeting about 2/3 through...
ConnectLive.com Networks

Here's an article from the NY Times on the same meeting:
Accountability Central: How SEC Opened Way For Storm In 55 Minutes; 5 Major Investment Firms Persuaded Agency In 2004 To Exempt Them From Restrictions[backPid]=1&cHash=a05dd29816