83% of the AAA rated Mortgage Backed Securities (MBS) created during the housing bubble were later downgraded. What is wrong with this picture? Pension funds are restricted to what investments they can acquire. Often, they can only acquire securities that are “investment grade” or AAA. A scathing article was written by Matt Taibbi. He writes for the Rolling Stone Magazine. His language can be offensive, you have been warned:
http://www.rollingstone.com/politics/news/the-last-mystery-of-the-financial-crisis-20130619
‘We were told to lie’ – Bank of America employees open up about foreclosure practices
See: http://rt.com/usa/foreclosure-america-employees-bank-946/
The hailstones keep getting bigger!