Morgan Stanley plans to repackage a downgraded collateralized debt obligation backed by leveraged loans into new securities with AAA ratings in the first transaction of its kind, said two people familiar with the sale. ...But this time, the wizards of Wall Street HogWartHigh, have the Ramones to back them up on the new High school HIGH musical.
Two years after the credit markets began to seize up, costing the world's biggest financial institutions $1.47 trillion in writedowns and losses, banks are again taking so- called structured finance securities and turning them into new debt investments with top credit ratings. While the Morgan Stanley deal is the first to involve CDOs of loans, banks have been doing the same with commercial mortgage-backed securities in recent weeks.
[ cited in They've GOT To Be Kidding ... ]
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drieuxster) wrote,
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Wall Street Backs Harry Potter With HogwartMoments
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