The distressed mortgage investments that have triggered the current subprime crisis have estimated losses approaching tens of billions of dollars.

These losses will clearly eclipse those caused by the implosion of Long Term Capital Management, a hedge fund that collapsed in the late 1990s, and the entire liquidated loss of the Resolution Trust Corporation in connection with the Savings and Loan crisis in the 1980s.

But unlike subprime's predecessor crises, figuring out who's to blame is not so easy.

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