The Bet That Blew Up Wall Street

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Article Submitted by: ktexas
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Tags: Mortgage crisis, Recession, Credit default swaps, Financial crisis, Credit derivatives.

60 Minutes did another story on credit derivatives and credit default swaps and their role in the financial crisis.

Lot of this would have been illegal during most of the 20th century, but eight years ago Congress gave Wall Street an exemption and it has turned out to be a very bad idea.

Submitted: Oct 26, 2008 Views: 71 Comments: 0 Likes: 1

View Article: http://www.cbsnews.com/stories/2008/10/26/60minutes/main4546199.shtml

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