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

Say you have the BBB tranche from that first deal Andy did. You lump it in with the BBB tranches from five, six, seven other deals. Then you just repeat the same tiering process that you started with, and you say, “Well, the first hundred thousand dollars of the revenue from all these BBB tiers that goes into the box every month, that goes to the AAA investors in this new CDO.”