Day October 22, 2008

Growth industry

The FDIC is looking for 200,000 square feet of office space and 600 employees in southern California to liquidate the assets of failed banks in the southwest.

The next round of bank writeoffs cometh

Slicing and dicing mortgages into bizarre investment products into CDOs, then buying and selling bogus insurance on them in the form of Credit Default Swaps apparently wasn’t enough… Nope, they had to go and create synthetic CDOs, in which the…