Double you tee eff pt 94

April 26 2009

Double take of the day was while reading this comment on BoingBoing. The discussion is about an Economist article that contradicts a lot of the ‘green shoot’ nonsense spouted during budget week, and predicts darker times ahead.

Now I’m no particular fan of the Economist, but here’s the comment in question…

We could assess the likelihood of this happening, if we chose, by the simple step of auditing the loan tapes underlying a fair sample of sub-prime securities, to determine the prevalence of missing documentation, misrepresentation and prima facie fraud. Such a study would constitute minimum due diligence and that fact that one is not underway is a very bad sign.

Umm… Is it really true that after everything that’s happened over the last 18 months no-one’s even begun trying to find out who owes what to whom? Surely that can’t be right… Can it?

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