Wall Street is again using insurance guarantees to turn difficult-to-rate credit exposure into highly rated securities. Assholes who wear Vineyard Vines all summer on Wall Street have once again put those Wharton PhD’s to good use by again “discovering” that assets so toxic and illiquid they make drinking cement taste like Fiji water apparently become safe when you rearrange them, rename them, and place an insurance company between the losses and the people buying them. Sound familiar? Explaining CDOs in the movie “The Big Short” According to Bloomberg, UBS and other firms have been exploring structures that package stakes in private-credit funds into bonds. Because perpetual private-credit vehicles do not fit neatly...
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