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Quoting the Crisis

26/03/2013

“ The economists found that the securitization workers showed no awareness that housing was about to become undone. To the contrary, during the peak of the bubble, they were far more apt to swap into more expensive homes and buy second homes than the control groups were. And workers at firms like Bear Stearns and Lehman Brothers were among the most aggressive with their own home purchases. „

Justin Lahart, citing a new paper by economists Ing-Haw Cheng, Sahil Raina, and Wei Xiong

(Cardiff)

(via tiffehr)

( Source: ftalphaville )
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