Greed…
The fall of major banks in the US was just a harbinger of what is yet to come. Though there has been some fall-out in the past months from unwise investing in US sub prime loans, many people thought that the major effect would be domestic.
Now it’s Europe's turn. Their institutions saw the same thing that US institutions did- a lot of profit, and they didn’t do their due diligence either. Now they are seeing the same problems. Hopefully their regulators and governments will have better solutions than their counterparts in the US have come up with.
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