The Orwellian language of Wall Street finds its way to the Treasury Department
In trying to rebrand dodgy financial instruments, treasury secretaries like Paulson and Timothy Geithner are continuing a recent tradition. So much of the finance sector's innovation in the past 30 years, it turns out, wasn't developing new stuff, but rather developing new ways of talking about pre-existing stuff. In the 1980s, labeling risky debt offerings as junk bonds was an intentionally ironic feint (pros knew that the instruments possessed ... Full Story »
Posted by Kaizar Campwala
