Wall Street’s shadow market
10/9/08
The recent economic turmoil has everyone looking for answers. What caused the Wall Street meltdown? To be sure, the answer is incredibly complex. But one element may have done more damage than any other.
This video from 60 Minutes looks into Wall Street’s shadow market. There is a little-known financial tool that encourages extremely risky moves. It’s called a credit default swap. It sounds complicated. Thankfully, this video boils it down nicely.
Once it’s explained, it’s hard to believe powerful CEOs were that incompetent. It’s even harder to believe the practices could be legal.
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