Pension funds left vulnerable after unlikely bet on CDOs
http://www.ft.com/cms/s/e31a9f32-2b59-11dc-85f9-000b5df10621.html
“… But if Mr Bolton is even partly right, it begs an interesting question: namely if these instruments do end up producing losses, exactly who would be hit?

Assessing this is not easy, since there is no public data about who is holding CDOs.”

~

This seems to be one of the underlying themes with the current shakeup of the paper mountain – nobody really knows who is holding all the different pieces of paper – or how the pieces of paper are inter-related – some of the pieces of paper represent derivative positions on other pieces of paper!

~

Oh what a tangled web we weave
When first we practice to deceive
Sir Walter Scott