4 books
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Cdo
“
The CDO was, in effect, a credit laundering service for the residents of Lower Middle Class America. For Wall Street it was a machine that turned lead into gold.
”
― The Big Short: Inside the Doomsday Machine
― The Big Short: Inside the Doomsday Machine
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The CDOs that sliced up and then spliced together disparate debts belonging to a heterogeneous multitude of families and businesses were put together on the basis of certain formulae, whose purpose was, supposedly, to calculate their value and their riskiness. These formulae were developed by financial engineers working for Wall Street (e.g. for J. P. Morgan, Bank of America, Goldman Sachs, etc.). To render the formulae solvable, certain assumptions had to be made. First and foremost was the ass
...more
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― The Global Minotaur: America, the True Origins of the Financial Crisis and the Future of the World Economy
― The Global Minotaur: America, the True Origins of the Financial Crisis and the Future of the World Economy
