My [awesome] accounting professor at Stern, Dan Gode, sent his classes the following link, which offers the best explanation of the subprime mess that I've heard thus far:
http://thislife.org/Radio_Episode.aspx?sched=1242
The full webcast is about an hour long, but if you're as curious as I am about why Fannie, Freddie, Bear, Lehman, and AIG failed and a pack of others are on the brink of extinction, you will want to listen to the story in its entirety. Think: Boiler Room meets Outbreak.
Wednesday, September 17, 2008
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