Horses and Banks: the Goldmans Value Burger

After this morning’s post I couldn’t let this lovely gobbet of wisdom get by without comment or what I gather is called a “reblog”.

A few years ago I would have told you the difference between subprime and Findus is that subprime (when it went wrong) was a mistake, whereas horsebeef is a fraud. As revelation after revelation emerges, though, it seems like the worst of the CDOs were what the man in the street would think of as fraud, even if the man in the wig can argue his client’s way out of it.

So perhaps the great vampire squid should think about a move into meat processing. It’s all about the labelling, after all, and no one seems to know more about dressing horse in beef’s clothing than they do.


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