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Financial innovation: Wall Street's false utopia

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  • Susanne Trimbath

Abstract

Purpose - The purpose of this paper is to connect the dots between subprime mortgage lending and the financial crisis of 2008. Design/methodology/approach - Descriptive analysis of structured securities. Findings - The innovation of structured securities was incorrectly implemented in the case of mortgage‐related securities. Research limitations/implications - There is no centralized source for data connecting mortgages with securities, thereby making a rigorous, statistical analysis impossible. Practical implications - The US Congress authorized $700 billion to purchase “troubled assets,” defined as “residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages … ” This paper exploits the difference between mortgages and those securities. Originality/value - The paper extends knowledge on the topic of mortgage related securities.

Suggested Citation

  • Susanne Trimbath, 2009. "Financial innovation: Wall Street's false utopia," Journal of Accounting & Organizational Change, Emerald Group Publishing Limited, vol. 5(1), pages 108-111, March.
    • Handle: RePEc:eme:jaocpp:18325910910932232
    DOI: 10.1108/18325910910932232
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