Re: Debt = Bad
The other gem of the repackaging (and lying about) loans packages was that because the circle of loan packages was so obscured and front loaded (effectively a pyramid) the banks often found that they had underpinned their own package only to find it resold to them later. There were loan books with a nominal (pyramid/chain) value tens or more times the actual value of the underlying asset.
Biting the hand that feeds IT
