If any self-respecting investment bankers had been asked six years ago to name the greatest financial innovation of recent times, they would probably not have hesitated to name the collateralised debt obligation – a clever structure based on thousands of chopped-up mortgages and mortgage-backed securities.
6年前，無論你問哪位自視甚高的投資銀行家近年來最偉大的金融創新是什么，他們恐怕都會毫不猶豫地給出同一個答案：債務抵押債券(CDO)。這是一種巧妙的結構性產品，以數千筆零散的抵押貸款和抵押貸款支持證券(MBS)為基礎。
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