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They all did it by selling garbage they knew would not pay - and then selling insurance against the garbage that they knew they could not cover. To avoid regulation, they didn’t call it “insurance”, they called it a “credit default swap”.
How big is the market for credit default swaps? $50 - 60 TRILLION dollars. We can’t be sure because it is an unregulated market.
In short, they were smart enough to create a $50 Trillion industry and call it something that would escape regulation - but they couldn’t see the implosion coming?
How about this - they just ignored it for as long as they could collect $60,000,000 per year