disrobed emperor

Paulson heads bailout: What is wrong with this financial picture?

[Update: with minor edits towards clarity - luaptifer]

This is incredible.

The Day the S.E.C. Changed the Game steps backward to the date, April 28, 2004, on which SEC gave the OK for the five banks that have precipitated the current spiral of the global financial crisis to begin their own financial risk monitoring programs rather than continuing to use the objective models then restraining all other banks from 'overdoing it'.