Washington Post Expose: What Went Wrong

The Washington Post continues its report on what went wrong to cause the financial crisis with a new installment from Jill Drew called “Frenzy.”

It was Wall Street’s version of an inside joke: Take a motley collection of largely unwanted assets, repackage them into a new set of bonds, and name it after the pristine white-sand beaches of an exclusive New Jersey town where Katharine Hepburn once summered.

No one is laughing now (read the rest of the report here).