Gillian Tett, the Financial Times' credit markets whiz, has a detailed account today of how credit derivatives markets went bad. Framing the sorry tale of bad loans packaged in opaque securities and parked off-balance sheet in special investment vehicles is a sidebar that drains a bit of blame by bringing the macroeconomic causes into sharp focus:
Macro-wreckonomics: a 30,000-foot view
Macro-wreckonomics: a 30,000-foot view
Macro-wreckonomics: a 30,000-foot view
Gillian Tett, the Financial Times' credit markets whiz, has a detailed account today of how credit derivatives markets went bad. Framing the sorry tale of bad loans packaged in opaque securities and parked off-balance sheet in special investment vehicles is a sidebar that drains a bit of blame by bringing the macroeconomic causes into sharp focus: