Throughout the financial crisis and subsequent bailout of the U.S. banking system, the issue has been one of Wall Street versus Main Street. That is, the idea that greedy bankers, investment bankers, and Wall Street traders duped unsophisticated Americans into mortgages that they could not afford and then left them hanging when things went bad.
Whether that versions of events is true or not is open to debate. However, what has been missing so far from the banking crisis scenario is that numerous investors, very sophisticated, institutional investors, were also “duped” by Wall Street titans and those too-big to fail banks. Those investors were buying AAA-rated bonds from reputable investment firms and banks. They were not buying risky, high-yield bond investments, or so they thought.
An article over at MSNBC underlines those circumstances and suggests that the next phase of the mortgage crisis debacle may just now be getting underway, thanks in part to the complexities and speed of the U.S.
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