Fantastic little article at Portfolio.com. In it he identifies that when the big investment banks went public, after historically being partnerships, the integrity of the dealmakers went out the window, and he explains what a credit default swap is and how they have caused the investment banks and bank holding companies to take such a big hit that the worldwide financial system has been put at risk. Wall Street basically sold the world a bill of goods that has ruined the entire financial world's balance sheet.
The End of Wall Street's Boom - National Business News - Portfolio.com