Wednesday, December 26, 2007

CDO to Pleasure

Interesting essay by John Lanchester in the LRB on the recent Northern Rock debacle and the largely unchallenged role of the City in the UK; if you've never really understood how derivatives work or why they matter, or what a Collateralised Debt Obligation actually is, this is a good overview. Lanchester is one of the most intelligent critics writing in English today (as well as author of the viciously clever Debt to Pleasure); his earlier pieces for the LRB are also available on their website for those new to his work.

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