[mayerj72]

...these mortgage backed securities that were junk? Why would they buy these securities in the first place? They were obviously packaged together in a way that would make them appealing. But should these bankers in Europe know better than that? I mean how stupid can you be?

[mrzwink]

They were not obviously packaged together. The risk they were perceived to have was underestimated.the problem was not that they should have known better. the problem wasthat the product sold was completely untransparant.noone knew what exactly was sold, only that it provided a stable stream of income.