Awards for Ruining the Economy

You remember that housing crisis we're (still) in? The one that involved sub-prime loans? Well, here's a neat story: one of the organizations that created the sub-prime loan financial instruments (called CDOs), was up for an award. It's called the Annual Securitization News Award.

It's no joke. Here's the registration packet from a couple years ago (check out the guy in the sunglasses and the shiny suit).

In light of the fact that CDOs have been largely responsible for the economic recession that we are in, they thought about cancelling the awards. But, because CDOs have had such a tough year, they thought they'd better go through with it to give the CDO makers a morale boost. I'll wait while you recover from your brain seizure.

How does that guy in the sunglasses sleep at night?

Listen to how the entire housing crisis came to be, including the brilliant NINA loans (No Income No Assets Loan) at This American Life's episode, "Giant Pool of Money." Or listen to NPR's abbreviated report for All Things Considered.