Although it is still just 10 years ago, the financial crisis often feels like another time. Never more so than when we are afforded a glimpse, Oz-like, behind the velvet curtain of the financial institutions at the centre of the maelstrom.
As financial journalists, we fell upon excruciating email exchanges thrown up by the SEC’s investigations into the CDO market in 2010. A Goldman Sachs employee’s: “Boy, that Timberwolf was one shitty deal!” seemed to strip away all the pretension from the firms we had spent so long hearing tell us about the risk characteristics of certain products.
Endless correspondence describing deals they were actively selling as “crap” and “vomit” left the securitization emperors with no clothes when testifying in front of endless senate committees.
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