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The banking collapse of 2008 was due to 
transactions made by greedy dealers with no 
accountability.
Many people involved in the global financial 
crisis of 2008 like to claim that it was impossible 
to see it coming – but this isn’t true at all. In 
reality, what happened was the logical 
culmination of decades of dangerous and selfish 
decision making.
It’s hard to see what else would happen when 
everyone in the finance sector was driven by an 
insatiable desire to make as much money as 
possible.
This mentality can be directly connected to the 
transition banks made from being largely private 
or family-owned businesses to being run by 
corporations.
Once banks became owned by shareholders 
and banking executives were in control of 
shareholders’ money rather than their own 
money, they were now free to take much greater 
risks. And with no personal attachment to the 
money, they were in no position to be held 
accountable for any losses that might occur.
With so little at stake, they were free to be driven 
by greed and make deals that would either pay 
off with huge rewards or cause damage that 
would have no effect on them personally or 
professionally.
Meanwhile, the introduction of credit default 
swaps and mortgage-backed securities (MBS) 
only added to the lack of accountability and 
further destabilized the financial sector. As the 
name implies, for a mortgage-backed security to 
reap rewards, the mortgage and its associated 
payments must go smoothly.
So, the whole mess began when greedy bank 
managers offered mortgages to people who 
were clearly unable to make the necessary 
payments.
Naturally, this caused the MBSs that Bank A 
was trading with Bank B to be very insecure. To 
offer added security, Bank A would also trade 
some CDSs to Bank B, thus supposedly 
protecting themselves from possible defaults.
But because Bank B was buying CDSs with 
nonexistent security from MBSs, both banks 
were destined to end up in deep trouble when 
the mortgages defaulted.
In the end, both banks needed money but had 
none, which is why national governments then 
had to bail them out.