How did a Wisconsin school board, a German bank located in Dublin, and the New York Subway system get caught in the financial crisis? The New York Times has the first in a series on this here.
The saga is interesting, but the story is familiar. "Financial experts" convince boards that complex financial products will lower their borrowing costs and increase their returns. The risks in the products are not adequately considered. An event occurs which reveals the true risks.
Despite the familiarity it is an interesting story.
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