Product recall notices are a fact of life for consumer-product makers. Dysfunctional hinges trap tiny fingers; undesirable fluids leak into foodstuffs; and sticky accelerator pedals send cars zooming in mysterious ways, forcing manufacturers into costly withdrawals.
No such strictures apply to the world of banking. No matter how hazardous the mathematical engineering turns out to be, or how destructive the monetary consequences, the finance industry peddles moonshine without fear of sanction or punishment. Here are some recall notices that should be issued.
Product: Greek deficit-dodging derivatives swap. Manufacturer: Goldman Sachs Group Inc.
http://www.bloomberg.com/news/2011-01-13/goldman-should-withdraw-greek-euro-swap-dodge-commentary-by-mark-gilbert.html
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