So, say you had a bunch of private equity funds owning hundreds of stakes in more or less dodgy companies,

So, say you had a bunch of private equity funds owning hundreds of stakes in more or less dodgy companies, you could bundles those together and tranche and clearly the top tier would be investment grade … Meet collateralized fund obligations!
ft.com/content/e4c4fd… https://t.co/l5RGo7pZWI

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