Dear BM,
You guys are Alchemical geniuses! Wow! Buying up and packaging life insurance policies sold by ill and elderly people sounds like a brilliant idea—a little sinister—but brilliant. The sooner they die the better…right? I’ve yet to see a name for this and you know how much I enjoy the names you come up with for your phantom products. I wonder if the tailors who made the invisible clothes for that gullible king had a name for their product?
I’ve just come across the term re-remics. Who came up with that? I’ve said it before and I’ll say it again—you guys are linguistic acrobats. That said re-remics is a bit cumbersome—not poetic in the least though better, I suppose, than re-securitization of real estate mortgage investment conduits, though if you say that very fast it kind of trips off the tongue quite nicely. What does it mean? Still it is good to hear that new exotic investments are emerging on Wall Street once more. I miss the more fantastic terminologies you all come up with. Among my favorites are: structured investment vehicles, collateralized debt obligations and, of course, credit-default swaps. Swapping, bartering, these are things we can all relate to. I recently exchanged a couple of books of John Berger’s brilliant essays on Art and Culture for a train ticket. My daily commute gets so expensive but enough of me.
You all keep up the good work.
Sincerely,
KC
PS—Remember you don’t have much time left before the government begins to crimp your natural style, your laissez faire attitude, with increased financial regulation. You should hire some out of work English teachers to help you with the wording.
PSS—I enclose an offer to reduce my mortgage payments. As my most trusted financial advisor what do you think? Is it legit?
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