Sunday, November 29

Bouillabaisse but not as you know it

“I would sometimes lie in bed at night and wonder how to make credit derivatives sound exciting.” Whilst I find Gillian Tett’s admission a little sad, the answer, it seems, is The Big Short. The film features famous chef Anthony Bourdain, standing in a kitchen, describing how a CDO is similar to a fish stew (bankers resold old mortgages by mixing them up into fresh broth, just as chefs conceal old fish by turning it into soup). I hear the sequel will include The Hairy Bikers’ recipes for ETFs and tri-party repos.

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