CDO, AIG, CDS & U

Everywhere you turn today there is talk of Credit Default Swaps, Collateralized Debt Obligations, AIG, and how these derivatives brought down our financial system.  Do you clearly understand how this all worked?   A Credit Trader has the best explanation, by far of what happened.  Your head will hurt a little as you read this, but if you stick with it, you'll be both informed and appalled.  It makes you think the Bush Administration was running AIG.