Wall Street’s Worst Invention: Credit Default Swaps Take the Cake
March 04, 2009 at 12:43 PM EST
When it comes to naming a winner in the competition for “the worst product ever invented by Wall Street,” there is quite a list of worthy candidates. With just the current financial crisis alone there are such “inventions” as subprime mortgages, auction rate preferred stock and asset-backed commercial paper, which all…