Crazy Nut Job
Record credit card losses are pushing big US banks to come to the rescue of off-balance sheet vehicles they use to transform hundreds of billions of dollars in consumer loans into securities sold to investors.

Saskia Scholtes and Francesco Guerrera in New York - Financial Times - Banks rush to rescue of credit card trusts

This one sentence has everything:

Record Losses? - Check
Off Balance Sheet Vehicles? - Check
Securitized Garbage? - Check

I was just discussing this last night with a friend. He was pretty confident that credit card defaults are going to be the next shoe to drop. I’m still holding out for the Eastern Europe defaults.

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