Big banks lose top talent

Translation: useful idiots go on to further adventures

I'm still waiting for someone to tell me how an 8% default rate on U.S. mortgages can ignite a global economic meltdown - That's the 64 trillion dollar question.

Maybe it was/is those Credit Default Swaps, whose "value" was said to approach the staggering, almost mythical figure noted above. Considering that the US GDP for 2008 was "only" $14.29 trillion, it's difficult for me to understand what CDSs "worth" over 4x that amount could have been based on, other than the power of greed, which - I acknowledge - should never be underestimated. Nor, apparently, should our gullibility.

S