2min chapter

Forward Guidance cover image

The Fed Blundered In 2008 —And It’s Blundering Now | Richard Field

Forward Guidance

CHAPTER

What's More Opace Than a Synthetic CDO?

Wall Street is always to create opacity. What's an example of a security that's more opaque than a synthetic CDO? Of subprime mortgages. Anything issued by them, their equity, their bonds, you have no idea what risks they are taking. Nobody with a more complicated balance sheet than JP Morgan.

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