A first take as to what may be going on behind the scenes:
Tripped Up, While Just Passing Through
Fortune continues its series on ... how banks and brokers screwed themselves in the process of passing along junk credit.
Money quote (pun intended):
None of this would have been a dire problem for Merrill if it hadn't gone from simply manufacturing CDOs and reaping fees to becoming a huge investor in the CDOs it created - getting high on its own supply, you might say.
The hellishness of "the liquidty put"
What's in the pandora's box?
Here's my stylized summary.
