Murk everywhere. There isn’t even an agreement what “leveraged loans” are. No, banks are not off the hook. That was wrong too. They hold 57% of these instruments, the Bank of England found.
In 2013, I called Goldman Sachs a “snake-oil salesman” for underwriting a $1 billion J.C. Penney stock offering. Investors got wiped out. Now the longer-dated bonds, including a 100-year bond, have collapsed.
