new york times

Wall Street issues report, concludes: "Oops! Our bad!"

According to the New York Times, a group of Wall Street executives have released a report detailing what went wrong and steps they can take to prevent it from hapening again. OK, quit laughing.

According to the article: 

"Wall Street failed to anticipate how wide-reaching problems with mortgage bonds would spread into seemingly distant corners of the financial markets, the report said. Awash in easy money, banks doled out credit without sufficiently charging for the risk. Wall Street also created complex structures that masked connections between asset classes as well as compensation incentives that pushed traders to take risky steps for short-term gain. The industry’s failings have now translated into pain for the broader economy, the report said."

Ya’ think?