Having predicted both the end of the debt binge and the unravelling of the toxic structured credit products it spawned, only one thing surprised me about the financial crisis of 2007 – how long the money-for-nothing junkies remained in denial. As the storm clouds gathered in July we were told it would be a one-quarter event. That soon became two quarters. We were then reassured that the problems were contained in such obscure backwaters as sub-prime, CDOs and SIVs.
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