Via Boing Boing
Mortgages aren’t the only financial instruments that are getting turned into securities these days.
In this video, NPR’s Marketplace Senior Editor Paddy Hirsch explains how companies make money by buying credit card debt and bundling it.
How credit cards become asset-backed bonds from Marketplace on Vimeo.
Thanks George Bush & Tom Carper & Mike Castle & Pete Dupont! Super bang up job you guys did creating this mess.