Goldman Sachs: The Grinch who stole Christmas?

QUOTE OF THE WEEK

From "Banks Bundled Bad Debt, Bet Against It and Won" by Gretchen Morgenson and Louise Story of the New York Times:

“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.”

Santa, don't go down that chimney!

(See also "How Goldman secretly bet on the U.S. housing crash" from McClatchy News Service here.)

Merry Christmas, everyone....

— From the guys at Vox Verax