The Insanity of Morgan Stanley Plans to Turn Downgraded Loan CDO Into AAA Bonds

That’s what Bloomberg.com says they are going to do. Why they are able to do this after the recent months is beyond me. Perhaps someone can explain why it isn’t criminally insane. Someone needs to look into this now.

In the meantime, I think this just about captures it:

(Image from icanhascheezburger.com/)

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