Reactions to story from Busted: Bankers and The Digital Economy
Bankers Trust But Verify?
http://digitaleconomy.wordpress.com/ 2008/ 04/ 24/ bankers-trust-but-verify/
Recently Federal Reserve Governor Randall S. Kroszner noted that “market participants must perform due diligence, a process to gather and assess relevant sources of information to evaluate that product. Due diligence is critical because market participants must trust but verify the market-provided information. Potential purchasers, for example, might engage in various activities, ranging from assessing risk exposures through stress testing to assessing the enforceability of contracts that define the requirements of investors, trustees, guarantors, and originators.” The idea of “trust but verify” is a noble and seemingly well-intentioned idea.
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