Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America Highlight

But that isn’t what Win Neuger did, because Win Neuger is a moron. What Neuger did, instead, is take that collateral and invest it in residential-mortgage-backed securities! In other words, he took cash and plunged it into the very risky, not-really-AAA AAA-rated securities that bankers like Andy were cranking out by the metric ton, thanks to the insane explosion of mortgage lending.