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Dec 27 2007 12:00am EDT
The Genesis of a CDO
Portfolio's flash-based explanation of what a CDO is has proved extremely popular, I'm happy to say. Now the WSJ has got in on the act as well, with a much more detailed (and much less metaphorical) flash-based explanation of how one particular CDO got downgraded. Personally, however, I find the graphic in the accompanying article easier to understand: it really shows how one tiny $50 million unrated tranche could help raise $1.125 billion of BBB-rated debt all the way into AAA territory.
(Via Ritholtz)
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