In 2015, several large banks began selling billions in something called a “bespoke tranche Opportunity”   this is just

Left to right: Steve Carell plays Mark Baum and Ryan Gosling plays Jared Vennett in The Big Short from Paramount Pictures and Regency Enterprises

another name for CDO as quoted by Bloomberg.

A bundle of mortgage-backed securities. Yes, a bundle of bundles of mortgages. There were also “CDO Squared,” which were bundles of bundles of bundles of mortgages. As you would imagine, these got so complicated that nobody really understood what the underlying value of these were. Yet in many cases they were still rated as very safe investments.

Recalling the subprime and global crisis of 2008 unwinding Credit Default Swaps, Bonds and Basis Trade, 

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