Mohamed El-Erian, the highly respected chief portfolio manager for the Harvard Endowment, and currently chief investment officer for the global investment manager, PIMCO notes that the momentum for meaningful financial reform is stalling in spite of clear evidence that financial activities have far outpaced the regulatory infrastructure. And some banks are returning to the bad habits that almost destroyed them.
Interesting segment by 60 Minutes’ Steve Kroft, in which he walks viewers through the fundamentals of these financial WMDs called Credit Default Swaps which were the derivative products underlying the near collapse of the global financial markets.
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