![]() The first tower was the original subprime loans that had been piled together. “This was the engine of doom.” He’d draw a picture of several towers of debt. Only now did he fully appreciate the central importance of the so-called mezzanine CDO–the CDO composed mainly of triple-B-rated subprime mortgage bonds–and its synthetic counterpart: the CDO composed entirely of credit default swaps on triple-B-rated subprime mortgage bonds. Whenever Eisman set out to explain to others the origins of the financial crisis, he’d start with his dinner with Wing Chau.
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