Quid pro CDO

No, I don't have anything to say. I just like FT Alphaville's coinage.

Oh all right there, I will say something relevant... Here's a nice article in the FT about Tranche Warfare. You will of course be astonished, especially if you have read this, but:

Some of the CDO and CDS documents leave a lot to be desired, and contain basic errors. The fear is that, as the courts get involved, we are going to have some unpleasant surprises.