A Equação da Crise

Se você ainda está batendo cabeça para tentar entender como os bancos de Wall Street embarcaram em uma crise que estaria localizada apenas no mercado imobiliário, não perca a excelente matéria da Wired.

Para mim, o melhor trecho da reportagem, e que deixa a dica para muito material adicional, é este (grifos meus):

"[J]ust about anything could be bundled and turned into a triple-A bond—corporate bonds, bank loans, mortgage-backed securities, whatever you liked. The consequent pools were often known as collateralized debt obligations, or CDOs. You could tranche that pool and create a triple-A security even if none of the components were themselves triple-A. You could even take lower-rated tranches of other CDOs, put them in a pool, and tranche them—an instrument known as a CDO-squared, which at that point was so far removed from any actual underlying bond or loan or mortgage that no one really had a clue what it included. But it didn't matter. All you needed was Li's copula function."

Na frase em negrito, dá até para ver os imigrantes ilegais, estudantes de pós-graduação, entre outros tipos esquisitos, sendo classificados como crédito tipo AAA pelos bancos.

Abraços!