<http://tinyurl.com/62nzqba>

These were the people who told us, with great certainty, that synthetic CDO's 
based on the lower tranches of bonds made up of Credit Default Swaps on 
synthetic CDO's based on the junk tranches of the actual mortgage-based CDO's 
from 2006 when anyone with a pulse could get a $500,000 mortgage on a $300,000 
house with no money down were rated 'AAA'.

(and if you think I exaggerate, you didn't go read "The Big Short" when I told 
you to, did you? They really WERE selling stuff like that.)

-- 
Bruce Johnson
University of Arizona
College of Pharmacy
Information Technology Group

Institutions do not have opinions, merely customs


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