subprime是underlying，真正杀手是derivatives whose underlying isbased on those subprime.
由于derivatives有高的leverage效果，所以就这么扩大的。由于国际化，资金流动自由，所以美国出问题，别的地方受影响。而相对资金比较封闭的地方受影响就少。
yep. Those derivatives are normally CDOs and CLOs,
according to one senior banker, these instruments can easily leverage the sub-prime underlying 7-20 times!
I would be more interested to find out how the mechanism works! If any of you have the details, kindly share :)
I would be more interested to find out how the mechanism works! If any of you have the details, kindly share :)
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