And the feeding frenzy begins. CYA lawsuits should start flooding the market soon enough. If anyone believes that buyers and sellers alike were not aware of what was going on, they are nuts and only kidding themselves. If the banks failed to understand what they were buying – despite teams of lawyers and supposed financial experts – well, tough. Isn’t that why these companies are (were) raking in the big bucks?

Fortunately for the banks (unfortunately for everyone else) Paulson and the Bush administration are doing their best to bail out them out. This way, banks win even when they’re losing. Just add the costs to the taxpayers and worry about it later. Nice work, if you can find it.