The real culprits behind the meltdown
Posted by pennywit on March 18, 2008
This morning, a colleague of mine forwarded me the documentation for the mortgage-backed securities that Bear Stearns held. After rifling through the papers, I found out why they ran into trouble.
Turns out that they held securities for mortgages on Whiteacre, Blackacre, Yellowacre, Redacre and Blueacre. As any law student or graduate knows, owning those properties is a recipe for trouble.
Ron Coleman said
Never you mind! Drawing up the papers for deals like that is how we support our families… especially when they go south!
pennywit said
You know, as I read about Bear Stearns’ fall, my first thought was of the dire consequences for the economy. My second thought was for the less-than-dire consequences for the large teams of attorneys that will be needed to handle the inevitable lawsuits. My third thought was that I need to add Finance to my list of “must-take” CLEs.
–|PW|–