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June 27, 2007

All Business: Who's to blame for subprime mortgage mess?

  • No doubt many subprime borrowers shouldn't have been allowed to borrow money, but Wall Street firms and banks welcomed the business.
    • By RACHEL BECK
    AP Business Writer

    NEW YORK — Some on Wall Street want to blame the little guy for the latest hedge fund mess. People with shoddy credit histories couldn't pay their mortgages, so that pushed some funds to the brink of collapse and sent shock waves through financial markets.

    Talk about a cop-out. Looking at things that way conveniently shifts blame away from the Wall Street firms and banks that had a hand in many aspects of the subprime mortgage mess, but aren't taking responsibility for their role in creating it.


     
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