The second group of criminals, that will never see life behind bars, built ridiculously complex derivatives, i.e. CDO's, and the flawed pricing models. They worked hand in hand with the ratings agencies to perpetrate the crime.

Third, the mortgage originators, the mortgage brokers, who had no stake in the mortgages they sold, since most states in the USA have stricter laws for massage therapists and barbers than for mortgage brokers. Millions of "liars loans" were sold that never should have been. The bulk were adjustable rate loans that would reset in 2-3 years. Many of these brokers showed their clients a graph of the current real estate price boom, and argued that the buyers of these loans could sell out, make a big profit, before the loans reset to higher rates (since, of course, real estate prices will never fall, or even flatten out!). In California, for example, if the loan survived 90 days (90 days!!), the mortgage broker got his money, and was out of the picture.

The fourth group were the stupid consumers that looked they other way when the loan verification process was bypassed, believed the arguments that "you can just sell out for a nice profit" before the reset takes place. An appreciable percentage were probably well in the know about what would happen when the loans reset, but, what the hell, its great to live in a million dollar house, even if it doesn't last!

The last group, most people, even very educated and experienced folks, don't pickup on. The folks that thought it was just fine to: deregulate banking laws, for example repealing Glass-Steagall, which allowed companies like Bear and Merryl to be on too many sides of the mortgage process, and write these hideous derivatives in the first place; and also pass even more laws protecting secrecy of what the central banks do. Where the hell did all of this dirty credit come from? So, Mr Greenspan wasn't so brilliant afterall. His tenure was behind many of the changes in law, and absurd increase in the money supply that allowed these events to happen in the first place. Doesn't the world believe that borrowers should be properly researched and their ability to pay sufficiently verified? Its quite naive to think that the central banks were blind to the whole thing from the beginning.

That the big 3 bond rating agencies put their "It's all AAA" stamp on these awful CDO's has caused bond insurers to become the latest set of casualties, which will spill over to even fewer safe places to invest in the future, when Muni's may be issued with no insurance.

Shame on you Mr Greenspan. You knew a hell of a lot more than you'll ever be blamed for. Shame on you,CEO's of Fitch, S&P and Moody's. You all are suitable for reinstatement of public stonings.

The miracle is that these financial wizards needed models at all, AND the the models couldn't demonstrate, that lending money only works out if the debtor CAN PAY YOU BACK. I think an event of default happens every day of every year, and not every 100,000 years at all - when one lends money to deadbeats.

These bankster-corporates are even less "victims" than the idiots who signed up for loans too large to pay back in the first place...and are now about to "lose" houses they never owned anyway.

These financial giants signed the papers too. Nobody put guns to their heads either. Now they too have to abide by the penalties they agreed to in every one of these broken contracts.

If there are any victims here, it would be those taxpayers who DIDN'T sign suicide loans but will be affected by the resulting contraction. Including those who saved their rapidly-devalued dollars. And the soon-to-be unemployed.

Taxpayers of all countries affected should keep a sharp eye on any proposed legislation, the effect of which might transfer losses away from those who so richly deserve them.