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Dr Seuss On Cdos

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by Felix Salmon
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Dec 20 2007 12:00am EDT

Dr Seuss on CDOs

A PDF file entitled "Dr Seuss on CDOs" has been doing the email rounds today. The text can be found over at the WSJ's economics blog, but it's worth reading the piece in its the original PDF form, if you can bear a 1.5MB download, so here you go. There are some great bits:

The agencies have been asleep
Their ratings are just like Bo Peep
That is, they're from a fairy tale
As fiction goes, they're off the scale
And I do not believe them, Joe
And so your tranche is a no-go
You think at 50 it's a do
Until it falls to twenty-two
I do not like your CDO,
I will not buy it, Broker Joe!

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