Quote by Ben Stein

The people who did the collateralized mortgage obligations, sold them to pension funds, then sold them short, then bought credit default swap insurance on them, are just amazing. They are a law unto themselves.


The people who did the collateralized mortgage obligations,

Summary

This quote refers to the individuals involved in complex financial dealings known as collateralized mortgage obligations (CMOs). These individuals would sell CMOs to pension funds, then engage in short selling and purchase credit default swap insurance on these same CMOs. The quote suggests that these individuals possess extraordinary knowledge or skills, as well as a high level of autonomy, enabling them to operate outside the typical boundaries of law and regulation.

Topics

Amazing
By Ben Stein
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