A report by ProPublica's Jake Bernstein and Jesse Eisinger "shows for the first time the extent to which banks — primarily Merrill Lynch, but also Citigroup, UBS and others — bought their own products and cranked up an assembly line that otherwise should have flagged." These banks dealt in collateralized debt obligations, or CDOs. A CDO is a collections of mortgage bonds, and each includes risky investments. The banks would then create new CDOs to sell the risky pieces creating false demand for these toxic assets.
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