Wall Street’s Newest Product Is Tale of Denial: David Reilly at Bloomberg


July 8 (Bloomberg) — Most people wonder how the financial crisis will end. For some, the story of how it began is just as important.

Control of that tale will help determine how we respond to the past two years of market mayhem. At stake is the financial industry’s business model and billions of dollars in annual profits.

No wonder Wall Street executives are spinning the causes of the crisis, downplaying their roles in inflating the housing and credit bubbles while presenting themselves as integral to any solution.

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