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There is nothing political my friend. It is all about greed. And pressure to perttform to stay afloat.
Anyway I see it the other way around. These institutions were so laden with toxic assets that they were desperate to score a profit wherever they could.
Commodity speculation had just postponed the inevitable. Then that also went south and there was other way but to take the losses and hope someone came to the rescue...
At least in the US there is a little more trasnparency.... I wander how bad the situation is for German, French, Italian, Spanish banks... little has been written down here, as if the subprime debacle is something that limited to the US shores....
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