Friday, July 23, 2021 4:39:50 PM
And to my knowledge not one of them thought there was anything wrong with the subprime market until it blew up. (Others outside the Banking System did, and do I wish I had listened.) It was actually considered a wonderful financial instrument to finance housing for the working poor. The Collateral Debt Obligation derivative was considered a masterpiece of financing.
Then it did blow up.
But if former Secretary of the Treasury Rubin could sell them at Citibank, I don't think it is a mark again Wei Tian as a loan office at a German Bank.
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