It sounds great on the surface. Attract investors by offering limited insurance against the risks involved. But what is the chance these stinking piles of unregulated paper are really worth more than the wood pulp under the ink?
If I can buy a steaming pile of dung at 85% off, that doesn't make it smell like roses.
But then again, I'm not one of those fancy derivative-trading Wall Street types. They may relish the chance to jump back into poisonous waters. Their talents are no more doubtful than those of the chanteuse who mused:
With a taste of poison paradise
I'm addicted to you
Don't you know that you're toxic?
And I love what you do.

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March 24, 2009
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