@RichardJMurphy The Courageous State would prosecute rigorously the fraudulent who created and sold CDS based on sub-prime mortgages.
To which the retired accountant from Wandsworth replied \”Indeed!\”.
What they both mean of course is that those who created CDOs based on sub-prime mortgages should be prosecuted. You know, like the Directors of Fannie Mae and Freddie Mac.
But they\’re too ignorant of finance to know the difference.