• To model correctly one tranche of one CDO took about three hours on one of the fastest computers in the United States. There is no chance that pretty much anybody understood what they were doing with these securities. Creating things that you don't understand is really not a good idea no matter who owns it.

    "John Thain Admits He Didn't Understand Merrill's Risks" by John Carney, October 07, 2009,.
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