Credit Crunch

In all the guff that’s been written over the last month or so, there’s something that hasn’t been mentioned – and that I simply don’t understand. (Well, there’s actually two – but they’re linked)

One : Which financial genius came up with the concept that investing shitloads of bank money in sub-prime mortgages (in itself a euphemism for ‘High-risk loans where we’re not sure we’ll get the money back’) was a good idea?

Two : What has happened to said financial genius? Have they been sacked? Or promoted?