http://www.nytimes.com/2009/12/24/bu...ding.html?_r=1
Quote:
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“The simultaneous selling of securities to customers and shorting them because they believed they were going to default is the most cynical use of credit information that I have ever seen,” said Sylvain R. Raynes, an expert in structured finance at R & R Consulting in New York. “When you buy protection against an event that you have a hand in causing, you are buying fire insurance on someone else’s house and then committing arson.”
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I noted that one of the firms practicing this behavior with great exuberance was Tricadia Inc., an investment company whose parent firm was overseen by Lewis A. Sachs, who this year became a special counselor to Treasury Secretary Timothy F. Geithner.
Makes you wonder just how hard Congress is really "investigating" this.
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