Banks’ Self-Dealing Super-Charged Financial Crisis | Propublica

Over the last two years of the housing bubble, Wall Street bankers perpetrated one of the greatest episodes of self-dealing in financial history.

Faced with increasing difficulty in selling the mortgage-backed securities that had been among their most lucrative products, the banks hit on a solution that preserved their quarterly earnings and huge bonuses:

They created fake demand.


http://www.propublica.org/article/banks-self-dealing-super-charged-financial-crisis