I saw this when it was aired in october.
I work for an insurance company that got into the MBS market in late 2005 and early 2006. Because the software we used at the time couldn’t handle these securities, we contracted for the accounting to be done by the investment manager.
There is involvement from so many directions: software, investments, accounting. WHOLE companies were created to handle this stuff. I never gave it thought when part of my job was handled elsewhere - but now I can see how the tentacles of this have invaded everywhere!
It is SHAMEFUL that Congress allowed this to happen. “Let’s call it something it isn’t and we won’t have to regulate it!”
Newt and the boys screw** the pooch on this one. They need to man up and step foreward and say how they are going to help fix it.