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CPI: Who’s behind the financial meltdown?

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The Centre for Public Integrity, a think -tank, published this series of reports today examining in-depth the causes of the financial meltdown.  Go read it.  I promise it’s worth the trouble.  See this article in particular for an in-depth examination of the role some of the largest financial institutions played.

Key quotes:

Between 2000 and 2007, backers of subprime mortgage-backed securities — primarily Wall Street and European investment banks — underwrote $2.1 trillion worth of business, according to data from trade publication.  The top underwriters in the peak years of 2005 and 2006 were Lehman Brothers at $106 billion; RBS Greenwich Capital Investments Corp., at $99 billion; and Countrywide Securities Corp., a subsidiary of the lender, at $74.5 billion. Also among the top underwriters: Morgan Stanley, Merrill Lynch, Bear Stearns, and Goldman Sachs.

Some interesting charts:


Written by defennder

May 6, 2009 at 11:49 PM

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