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There are two options most likely, imho:
1) Their ridiculous abstractions and fairy story devices, or 'financial modelling tools' were engineered to prevent the idea that reality may ever intervene in the housing and other markets. In fact, I hear that the prediction software frequently deployed by one or to two institutions forbade the entry of negative house price increases...
2) They knew what they were doing. They were being paid per transaction, hence they didn't care about the outcomes... they were earning more than enough 'fuck you' money to see out the rest of their lives in ease. The only question was how much luxury would the rest of their lives contain?
Currently, The US govt is rating that at about 12 trillion dollars or 'all in'.
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"I do not agree that the dog in a manger has the final right to the manger even though he may have lain there for a very long time. I do not admit that right. I do not admit for instance, that a great wrong has been done to the Red Indians of America or the black people of Australia. I do not admit that a wrong has been done to these people by the fact that a stronger race, a higher-grade race, a more worldly wise race to put it that way, has come in and taken their place." - Winston Churchill, 1937 --{ORLY?}--
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