I would say there are two things, and I found them both, actually, surprising and shocking. The first was the ethical level to which American finance, particularly investment banking, had sunk. You know, if shall be had told me in advance that I and we, the world would discover that Goldman Sachs and most of the other major investment banks had on a systematic basis using tens of billions of dollars had created securities with the intention of causing them to fail so that they could profit by betting against them, I would have said, you know, no, we don’t do that in the United States. That can’t occur. People don’t do that in the United States.
Well, people do do that in the United States. They did it on a very large scale for several years, very systematically. And it turns out that it’s not, per se, illegal. As a practical matter, it’s pretty hard to do
all that legally, and I suspect that there was massive fraud, because it’s a pretty hard sale if you’re telling the truth.
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