What the mortgage bubble was all about was big banks like Goldman Sachs taking big bundles of subprime mortgages that were lent out largely to low-income, highly risky borrowers, and applying this kind of magic-pixie-dust math to these bundles of securities and slapping AAA ratings on them.
Matt TaibbiOver the years, many in the public have become numb to news of financial corruption, partly because too many of these stories involve banker-on-banker crime.
Matt Taibbi'Prop trading' is just a fancy term for banks gambling in the market for their own profit.
Matt TaibbiOur leaders know weโre turning into a giant ghetto and they are taking every last hubcap they can get their hands on before the rest of us wake up and realize whatโs happened.
Matt Taibbi