Questions for Banks That Put Together Complex Deals - NYTimes.com

Questions for Banks That Put Together Complex Deals - NYTimes.com: "But Wall Street, as it is wont to do, took the concept to another level, creating securities that allowed investors to make side bets on the housing market. Known as synthetic C.D.O.’s, they did not raise money for home loans or serve any other broad economic purpose.
Instead, like a casino offering blackjack along with slot machines and Texas hold ’em, they were just one more way to bet against the housing market.
Now, the question in Washington is whether other banks, in addition to Goldman, might face legal action stemming from their role in this market. Bank analysts on Wall Street, too, are trying to figure out who might have done deals similar to Goldman’s, exposing them to potential liabilities."