Yesterday, the Securities Exchange Commission (“SEC”) announced fraud charges against collateral manager Of CDO (better late than never, right?). I re-read the sections in The Big Short: Inside the Doomsday Machine , dedicated to Harding Advisory and Wing Chau. I’ve included the relevant sections (I’ve bolded a few lines for emphasis). Enjoy:
Eisman took his assigned seat between Greg Lippmann and a fellow who introduced himself as Wing Chau and said that he ran an investment firm called Harding Advisory. When Eisman asked exactly what Harding Advisory advised, Wing Chau explained that he was a CDO manager. “I had no idea there was such a thing as a CDO manager,” said Eisman. “I didn’t know there was...
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