So, my take has been that these products were (de facto, of not de jure) insurance products that were incorrectly priced premiums. If that is right, and as you

So, my take has been that these products were (de facto, of not de jure) insurance products that were incorrectly priced premiums. If that is right, and as you say they were very transparent, what was it that made this mid-priced? was it simply impossible to insure?