it isn't illegal to sell low-quality securities. e.g. I've profited quite nicely from buying cheap junk bonds over past few yrs.
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Replying to @__ice9 @woke8yearold and
it's all about purchase price. I'll buy almost anything if it's cheap enough. it's just predicting probabilities. professionals know this.
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Replying to @__ice9 @woke8yearold and
the professionals who bought those low-tranche CDOs should have known better. they knew what they were buying. it was in the prospectus.
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Replying to @__ice9 @woke8yearold and
The low tranches weren't any kind of problem; it was when the AAA tranches started to look risky that the bad shit happened.
2:07 AM - 8 Aug 2017
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