Big Four To Audit Spain's Banks

[PlanMaestro]

That's the little secret the financial media, regulators, etc don't share.  CDOs in general performed exactly as they should have.  That is, they performed the same way the underlying assets performed.  Fill it with crap, get crap.  No different from a mutual fund that owned technology stocks in 2000.  The vehicle is only as good as its passengers.

 

Exactly! But we have to say that their opacity made the 2008 uncertainty even worse ... and provided some incredible opportunities (ie: CRE mREIT prefs) that I wish I had noticed sooner.