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Saturday, 03 November 2007

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Hi Paul,
It was very nice to meet you at my uncle's birthday on Saturday.
An impressive blog you have here, very well written. Were you a journalist before you retired?
I read several articles yesterday including your excellent simple explanation of the sub-prime crisis. What confuses me is that surely any bank that was selling off what it knew were dodgily packaged mortgage CDOs would known this was a disaster waiting to happen, so how were they so stupid as to find themselves in the current mess?
Ho hum, right better do some work now.
regards,

Tim Bedford

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