A remarkably clear summary of the CDO/CDS fraud by a CS person. The second part is particularly interesting and clear even if I already understood the CDO/tra

A remarkably clear summary of the CDO/CDS fraud by a CS person. The second part is particularly interesting and clear even if I already understood the CDO/tranching part and what a CDS was. Basically, for banks to sell all those crappy CDOs by tranches there where edge funds that where buying the "bad" tranches and gambling that the "good" ones would also fail.