The NYT’s Gretchen Morgenson sounds a tad bit skeptical about President Obama’s call last week to convene a new task force to investigate last decades’s mortgage-market debacle, including Wall Street’s bundling of “crap” mortgages into massive securities.
After all, it’s now four years since Bear Stearns went belly up. The SEC and Justice Department have had all that time to go after Bear Stearns and other financial houses. Why wasn’t there a task force before this? It’s obviously an election year, she notes, but there’s also still a need to find out exactly what happened and who did what and why, Morgenson notes.
But she doesn’t sound confident much will be done. Here’s a shocker: We’re not confident either.
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Updated: December 2017
