Quote of the Day: Vampire Squid Edition

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From Goldman Sachs vice president Fabrice Tourre, on January 23, 2007, as he was in the process of putting together a CDO offering that was specifically designed to implode:

More and more leverage in the system, The whole building is about to collapse anytime now…Only potential survivor, the fabulous Fab[rice Tourre]…standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstruosities!!!

Well, I guess he understands the implications now.

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FACT:

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Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2020 demands.

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