Doo-Doo Diligence and Buccaneer Businessmen
* The subprime debacle. Major Wall Street investment bankers and mortgage lenders worldwide—to a person—failed to do due diligence into the study of human nature. They structured tricky loans and suckered gullible consumers into mortgages that ballooned beyond their ability to pay. Meanwhile, the borrowers blithely signed these deals without hiring an accountant to do due diligence and run the numbers, so they would know precisely what to expect when the APR changed. As a result, millions of borrowers and lenders alike were greedy, stupid as hell and lazy as pigs in mud on a hot summer day.