Word: blame
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Dates: during 2000-2009
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...major credit agencies gave these securities "Aaa" ratings based, in part, on the fact that nationwide home prices had not dropped in any year since The Great Depression. The notion that pools of subprime mortgages could be rated "Aaa" under any circumstance is astonishing. (See who's to blame for the current financial crisis...
...Most economists blame the collapse of the credit markets which began the recession on a drop in US housing prices and devaluing of subprime mortgage-backed securities. The Wall St. experts who created these financial instruments failed to predict how quickly low-quality mortgages would default to some extent because the national value of housing had gone up for decades. But, as defaults did rise, the value of these derivatives cascaded and the banks and other institutions which held them were required to take massive losses. At Davos, Russian and Chinese leaders attacked the U.S. for the "failure" of regulators...
Back in the Triqui village, leaders lay no blame on U.S. authorities. But they excoriate the accused for going to the police. "This man must have had little experience in the United States and must really not understand the way it works there," Garcia says, shaking his head and showing a look of disbelief. "You just do not get the American police involved in a case like this...
...many banks were lending $30 for every dollar they had in the vault. "Changing the net-capital rule was an unfortunate misjudgment by the SEC," says former SEC official Lee Pickard. "It's one of the leading contributors to the current financial crisis." (See who else is to blame...
...than 16,000 sets of body armor after an audit by the inspector general of the Defense Department concluded that they failed tests to meet Army specifications. The IG fingers the Army for failing to conduct adequate testing before contracting for the armor. This is the second audit to blame the Army for the quality of body armor. A year ago, the IG found that the Army failed to follow federal contracting rules in procuring armor and concluded that the Pentagon had "no assurance" that nearly half of 28 contracts - worth nearly $3 billion - "met the required standards...