In a preliminary hearing last year at the Technology and Construction court at the Royal Courts of Justice in London, Mr Zennstrom and his wife Catherine said the house in the exclusive estate of Crowsport was so poorly constructed it was simply "not fit for habitation".

BBC: Niklas Zennstroem

These transactions were very complex internally, but externally one can see quite simply that these select few constructed a money machine that took mortgages, a large percentage of which were junk, as input and put out mortgage backed securities that were rated AAA. Plus, these money machines insured the transactions as though the mortgages were top rated (a 2% default rate, as I recall).

FORBES: Hang it up, Wall Street. Dodd-Frank is here to stay