Yesterday, masaccio wrote about it. . . and today, you can sing about it.
If you thought "We never saw it coming" sounds like a bit of song and dance, well, as Jimmy Durante would say, You ain’t seen nothing yet.
This American Life, in coordination with Planet Money and ProPublica, produced a radio piece to explain how some not only saw the financial crisis coming, they found that if they helped it along, they could profit from it–like really, really profit from it.
Yesterday, masaccio posted about the Financial Crisis Investigation Commission’s rather pointed questions about credit default swaps issued on synthetic CDOs–and, honestly, the level of underhanded economagic made my head spin. . . but now my head can spin to music!
Both masaccio and Planet Money focus on one hedge fund that did ridiculouosly well in the last few years: Magnetar. It’s ugly stuff–and, here’s the real soul-stirrer, [SPOILER ALERT] Magnetar is still in business. Look at masaccio’s whole post, check out the video of Brooksley Born grilling Citi execs, and then take a listen to the whole TAL/Planet Money piece when it comes on line. Then watch the video above again, learn the lyrics, and amuse your friends. . . your nerdy but very socially aware friends.