IntermediariesAlmost all intermediaries in the chain (see the next slide) did not risk with their money. They risked with other people’s money!
Subprime Lending made simple
NINJA loans
No Income – we do not ask about your income
No Job – we do not ask about your job
No Assets – we do not ask about your other assets
You can always refinance your loan later because the prices of real estate always go up.
9.3 Insider Trading
Insider Trading The Problem
Trading of a corporation's stock or other securities (such as bonds or stock options) by individuals with access to non-public information about the company.
Is it unethical?
Insider Trading Betting Against Market You Create
Offering a financial product to the market and secret short-selling this product through another company.
Is it unethical?
Insider Trading Goldman Sachs
The Goldman Sachs Group, Inc. is a global investment banking and securities
Employees: 32500 (December 2009) Net income: $13.39 billion (2009) Total equity: $64.369 billion (2008)
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