One of the flaws of these articles is that they are vastly simplifying the instruments built. From reading, you might think that you understand how to build a

One of the flaws of these articles is that they are vastly simplifying the instruments built. From reading, you might think that you understand how to build a CMO or CDO, or to analyze one. I don't, and you don't. I am not actually sure that, after the author of this article's software went into place anyone could. The government has had months to examine the private books of some of our more nationalized-like asset managers, and is still throwing darts. Regulation that requires revealing everything, but does not require minimum standards, is like being able to bypass QA and security reviews by providing access to the source code... to multi-million line programs. Yes, eventually you can work it all out, but not in time to be helpful.