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Subprime Lending's Smartest Guys in the Room Corporations "restating" earnings; fawning business media; chief executives diverting the blame; Securities and Exchange Commission probes initiated after the damage is done. This Enron-WorldCom dÃƒ©jÃƒÂ vu is brought to us courtesy of America's housing industry, and the standard narrative is that irrationally exuberant buyers drove up home values while banks made too many loans to the wrong people. The truth, however, is that this latest boom-and-bust is about stock prices as much as housing prices-and that's where the real scandal lurks.

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Subprime Lending's Smartest Guys in the Room

Corporations "restating" earnings; fawning business media; chief executives diverting the blame; Securities and Exchange Commission probes initiated after the damage is done. This Enron-WorldCom dÃƒ©jÃƒÂ vu is brought to us courtesy of America's housing industry, and the standard narrative is that irrationally exuberant buyers drove up home values while banks made too many loans to the wrong people. The truth, however, is that this latest boom-and-bust is about stock prices as much as housing prices-and that's where the real scandal lurks.