http://money.cnn.com/2007/11/27/news/newsmakers/gross_banking.fortune/ http://money.cnn.com/2007/11/27/news/newsmakers/gross_bankin... My Pimco colleague P

http://money.cnn.com/2007/11/27/news/newsmakers/gross_banking.fortune/ http://money.cnn.com/2007/11/27/news/newsmakers/gross_bankin... My Pimco colleague Paul McCulley has labeled it the "shadow banking system" because it has lain hidden for years, untouched by regulation, yet free to magically and mystically create and then package subprime loans into a host of three-letter conduits that only Wall Street wizards could explain.