60 Minutes reports on the subprime mess

Before you go, we thought you'd like these...
Before you go close icon
If you're like most people, you've seen the headlines about the subprime mess, collateralized debt obligations, structured investment vehicles, and a credit crunch -- but you're not really sure what it's all about, or how it ended up with big banks and pension funds losing billions.

Of course there are articles on it and soon there will be books -- But it's not very interesting. For a 15-minute look at what went wrong, you may want to watch this 60 Minutes special report.

What's amazing is how simple it was -- at its core, a straight-up ponzi scheme.
Read Full Story

Markets

S&P 500 2,246.19 4.84 0.22%
DJIA 19,614.81 65.19 0.33%
NASDAQ 5,417.36 23.59 0.44%
DAX 11,160.57 -18.85 -0.17%
HANG SENG 22,760.98 -100.86 -0.44%
NIKKEI 225 18,996.37 230.90 1.23%
USD (per EUR) 1.06 0.00 -0.02%
USD (per CHF) 1.02 0.00 0.06%
JPY (per USD) 114.54 0.47 0.41%
GBP (per USD) 1.26 0.00 0.14%

From Our Partners