Brian Stoker Trial May Show Wall Street’s Foolishness – Deal Professor – NYTimes.com

Brian Stoker Trial May Show Wall Street’s Foolishness – Deal Professor – NYTimes.com.

Nader Nazemi-Citigroup

Citigroup

This is what happens when a bunch of clueless monkeys try to handle money on Wall Street. Citigroup should be brought down for its role in the Financial Crisis. 

A midlevel former banker at Citigroup, Brian Stoker, is in court this week in connection with his role in creating exotic mortgage securities. While the civil trial is being hyped as a great exposé of Wall Street’s role in the financial crisis, it may be something more banal, merely showing how clueless financiers can be.

The problems started in late 2006 when bankers at Citigroup explored ways to profit from the C.D.O. craze. C.D.O.’s, or collateralized debt obligations, are complex securities that consist of collections of other assets like mortgage securities.
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