Wall Street’s Cooked Books Fueled the Financial Crisis in 2008. It’s Happening Again.

The Intercept_: It’s only when the tide goes out that you learn who’s been swimming naked,” the billionaire investor Warren Buffett has famously said.

During the crash of 2008, the whole world learned just how dangerously nude Wall Street was. Now evidence is accumulating that suggests that many financial institutions are skinny-dipping once more — via similar types of lending that could lead to similar disasters as the water recedes again due to the Covid-19 pandemic.