"Far more than the fraud element - what worries me is what was legal," Wolf says, describing synthetic CDOs as "useless financial activity [which] adds nothing to anything useful in the world. There was absolutely no rational justification for the bet anyway."
Furthermore, the ultimate losers of this "pure bet" were taxpayers in the U.S., U.K. and Germany, he notes. "I'm very sore about that...it strikes me as completely wicked."
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment