The key quote:
When you pool BBB tranches into a CDO and now turn 80% plus into AAA at the touch of an algorithm, based on faulty assumptions, someone somewhere should have raised an eyebrow.
7.08.2007
Mortgage disaster explained
A good post on the unfolding mortgage disaster. Read the whole thing. It will be well worth your time.
The key quote:
The key quote:
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UPDATE: Edited to remove the guy's name. I hope nobody harasses him or his employer. He was good-natured and his sign was innocuous a... -
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