Buyers experience unjustified optimism and receive very little benefit from a 'cookie cutter' approach to financial due diligence....
In times like these, the public demands to be fed contemptible targets to hate and bear the blame. The danger in the persistent pillorying of such villains is that it often leads to complacency...
Par-based investors in the triple-A CLO market may soon have their sense of security tested. Many still apparently cling to the assumption that their bonds will ultimately be repaid at par...