Monday, September 27, 2010

Background and video of derivatives crisis 25

Fourth video:

Fifth video:

Sixth video:

Seventh video:

Eighth video:

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Time magazine has a list of the 25 men most responsible for the crisis. This list is shaded to reflect, I believe falsely, that the crisis began and remains, essentially, a mortgage crisis abetted by bundling mortgages and derivative instruments on those mortgages. That represents a significant chuck of worldwide derivatives, perhaps 35%. But most of the bets and dangers were placed elsewhere.

Full List
Phil Gramm
Alan Greenspan
Chris Cox
American Consumers
Hank Paulson
Joe Cassano
Ian McCarthy
Frank Raines
Kathleen Corbet
Dick Fuld
Marion and Herbert Sandler
Bill Clinton
George W. Bush
Stan O'Neal
Wen Jiabao
Davi Lereah
John Devaney
Bernie Madhoff
Lew Ranieri
Burton Jablin
Fred Goodwin
Sandy Weill
Jimmy Cayne

--from TIME. This list is still on line at,29569,1877351,00.html

This list mistakenly leaves out Senate banking committee chairman Chris Dodd and House banking committee chairman Barney Frank. Clinton's Treasury Secretary, Robert Rubin, is also a key player in the genesis of the crisis. Angelo Mazilo, former CEO of mortgage lender Countrywide, and Bernie Madhoff, a financier and investor, are both properly in jail, having been convicted of fraud charges.

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further information is available by emailing your snail mail address to .  You will receive a data CD consisting of the dozens of published articles used to develop the video lecture, which itself was a presentation at the conclusion of a "desk audit" of the crisis.

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