Part 7/11:
This explosive marriage of risk-taking led to widespread fraud, entrenching millions in debt and suffering. The lending practices of banks such as Citigroup and Lehman Brothers illustrated a massive ethical fail. Even senior executives turned a blind eye to the alarming reality of defective mortgages. As Richard Bowen, a former executive at Citigroup, testified, more than 80% of mortgages eventually sold did not meet the necessary guidelines, illustrating a blatant disregard for due diligence.