Good grief... another plum passage... I asked my colleagues, what was a CDO exactly? Like CMOs, they were structured products, but the underlying colla

Good grief... another plum passage... I asked my colleagues, what was a CDO exactly? Like CMOs, they were structured products, but the underlying collateral was not limited to home mortgages. They could be anything... "Diversity of collateral" was the pitch. Some things could go bad, but not everything at once. It never has, except during the Depression, and we’re so much smarter now. That could never happen again. Sorry for the self-reply, but this article has taught me more about this fiasco than all the press and commentary over the last year. An impressive piece of writing...