Another component to this is that the marketing materials in CLO products always highlight zero default history, even through 2008, but what if the government d

Another component to this is that the marketing materials in CLO products always highlight zero default history, even through 2008, but what if the government didn’t backstop AIG, the banks, GE, etc? Safer tranches were saved from default as a product of action by Paulson and the fed before there were more defaults rather than the perceived risk control imo.