Once upon a time in LaLa Land

"Just as there was a time when people could smoke on airplanes, or drive drunk without guilt, there was a time when a Wall Street bond trader could work with a short seller to create a bond to fail, trick and bribe the ratings agencies into blessing the bond, then sell the bond to a slow-witted German without having to worry if anyone would ever know, or care, what he'd just done. That just changed."

A Message to Wall Street's Fabulous Fabs. Read the whole fable.