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How Complex Securities, Wall Street Protectionism and Myopic Regulation Caused a Near-Meltdown of the U.S. Banking System
There’s no time to beat around the bush. Let’s flush out the three credit-crisis catalysts that have remained hidden for too long, thanks to Wall Street protectionism and myopic regulation. Those catalysts – which brought us to the brink of a financial meltdown – are structured collateralized debt obligations, credit default swaps, and the horrific offspring of the two – credit default swaps on structured collateralized debt obligations.
An asset-backed security (ABS) is a type of tradable debt security that’s derived from a pool of underlying assets. We could be talking about a pool of mortgages, of automobile leases, or loans…
24Sep2008 | Money Morning | Comments Off | Continued
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