Wary of Risk, Bankers Sold Shaky Mortgage Debt New York Times. No smoking guns, bur very good reporting on when many of the various players started cutting their subprime inventory levels versus their new issue sales (note it is not criminal or even bad form to sell new issues while reducing exposures. Anyone dealing with a trading firm should understand what he is dealing with).
Dog Days for the Super Dollar Kenneth Rogoff (hat tip Mark Thoma)
What’s a CDO? Portfolio.com. Purists may grumble at the oversimplification, but it is a nifty visual.
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A true purist would love and embrace the simplification. Only a pedant would grumble.