kangarooistan wrote on 10/3/08 11:06 AM:

> If as a qualified butcher { banker } , I was to package up bundles of
> low grade burger mince [ low garde securities ] and sell them labeled
> as first grade prime beef steaks , [ AAA mortgaes on houses ] and do
> it repeatedly

That's why the bundles were sold in 5 "tranches"........
Each tranche had a **different ratio** of "first grade prime beef steaks"
and "low grade burger mince" AND WERE PRICED ACCORDING TO THE RISK
INVOLVED.......
If you want to blame someone, blame the buyers who accepted the lower
quality tranches in order to get the higher yield.......