"Day two of the Financial Crisis Inquiry Commission, chaired by former California Treasurer Phil Angelides, is underway, with such government officials as Attorney General Eric Holder and FDIC Chairwoman Sheila Bair testifying. But I want to return to some of the highlights from yesterday, which generated some coverage, but not nearly enough, considering the primacy of the financial crisis to all of our lives.
I want to highlight two key portions of the testimony. The first came in questioning from Angelides to Goldman Sachs CEO Lloyd Blankfein. Angelides used one of the most apt metaphors I’ve heard to describe what the banks were doing with their mortgage-backed securities:"