3 ms·
It was news to me, actually. I thought the credit card companies just wanted to get lots of nearly insolvent customers because they were old fashioned loan sha
by pg 18y ago
It was news to me, actually. I thought the credit card companies just wanted to get lots of nearly insolvent customers because they were old fashioned loan sharks, not because they wanted to resell their debt as securities.
- dpapathanasiou 18y agoIf you're interested in that period on Wall Street (i.e., when debt-backed securities came into vogue), Michael Lewis wrote an interesting book about it: http://www.amazon.com/Liars-Poker-Rising-Through-Wreckage/dp/0140143459 http://www.amazon.com/Liars-Poker-Rising-Through-Wreckage/dp...