outsidethebeltway.com - 6/17/2009
—
I love this story (Via James Hamilton),
Its behind the WSJ subscription but here are the basics of the story,
And so the WSJ recounts the tale of a security based on $29 million (par) worth of subprime loans in California, half of which were already delinquent or in default. Betting that the ...
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Apparently there’s a banker born every minute
dustbury.com —
... The big guys, on the other hand, paid perhaps a hundred million and got back zip.
Diabolically clever. And of course, the big guys were impressed at the sheer brilliance of the maneuver.
Oh, wait, no, they weren’t:
Said big guys are screaming bloody murder, trying to bring in the lawyers to show that Amherst wasn’t playing by the rules of the game.
Cue the nanoviolins in the key of $.
(Via a very impressed Steve Verdon.) ...
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