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bionicturtledotcom (December 31, 1969 at 5:59 pm)
Just teasing. I don't disagree. Those who should be shamed, not taking a fiduciary seriously in the first place, don't know shame, unless forced by law, as you say. Credit derivatives are *not* bad, even the synthetics. They have a valuable role. The folks pushing these around, in many cases, were salespeople without concern for details. The CFP isn't the CFA; most CFAs (that i know) were not distracted here; e.g., they don't take agency ratings as the last word.
discosuks (December 31, 1969 at 5:59 pm)
David, none of it is about me. My eyes were open. What it is about is a legal Ponzi scheme that was more about creating wealth than it was about spreading risk. Shame on anyone who ever had anything to do with synthetic credit derivatives. They are the cause of some of the worst finacial damage the world has ever, ever seen. Today the destruction continues, but the lawsuits will follow soon. The CFAs and CFPs who taught, recommended, or marketed these had better have their ducks in a row!
bionicturtledotcom (December 31, 1969 at 5:59 pm)
not everything is about you ;)
discosuks (December 31, 1969 at 5:59 pm)
Left out the part about the bagholders now greeting customers at WalMart.
bionicturtledotcom (December 31, 1969 at 5:59 pm)
thanks that's helpful. Probably all true, except the humble part ;)
DAVEBLISS2007 (December 31, 1969 at 5:59 pm)
No wonder the banking system is under collapse, this stupid obsession with gobbledygook, and completely mythical construct of money and value is just incomprehensible. I have a PhD but I can't understand what this guy is try to explain. But I'm just a humble scientist. And nowhere bright enough to understand how money is generated from thin air in the banking system. It's just like a complex gambling casino.
yusufbd (December 31, 1969 at 5:59 pm)
nicely explained! |
