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Prosecutors in the US are hauling in the first of hundreds of participants in the US mortgage and credit fiasco. It remains to be seen who will pay the price but the government has plenty of people in it's sight. The who's who of money may suddenly become the who was.
Is this a good sign ie. the worst is over and now it's time to pay up, or is it to remind the survivors of their precarious position?
Interesting times, especially to be a lawyer in New York right now.
p.s. I just wondered where all the risk guys were in all this? At a long lunch contemplating sauce while they outsourced their risk?
Either that, or at a conference quantifying that they all had roughly the same risk so everthing would be fine if enough of them were in the same boat because someone else would bail it out when it started sinking. The correct assumption of course.
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