CDO Vs. CDS CDO 低質債券包裝求售

CDO Vs. CDS CDO 低質債券包裝求售
抵押債務證券（Collateral Debt Obligation，CDO）屬於一種針對債市的高槓桿衍生產品。這個市場約在2001 年開始發展，每種CDO 產品都包含一籃子評級各異的債券或資產，當中很多時都包括一些接近垃圾評級的債券，靠評級較高的債券帶動下，拉高這些產品的價錢和流通量。由於其息率通常高於一般債券，故一度成為大行其道的投資商品。然而，隨美國樓市爆破，次按違約大幅上升，CDO 成為累及環球金融機構大幅撇帳的元兇。觸發本港逾百名投資者遊行及尋求當局協助的雷曼迷你債券，其背後的資產便包括CDO。

The minibond can be similar as Goldman Sach / paulson scenario.
http://minibondsoctaveconstellation.blogspot.com/2010/04/sec-accuses-goldman-sachs-of-defrauding.html

Some investors (A) wanted to buy insurance /i.e. short on CDO.
Some investors (B) want to buy CDO /i.e. long on CDO.
Of course, it can be the same investors who have both (B) and (A) for insurance purpose.

Lehman did lots of deal for (B).

Lehman put together a deal, made Synthetic CDO (i.e. the underlying securities for the MInibond), to cater the needs of (A). By creating Minibond, Lehman transferred the risk from themself to minibond holders.

The disclosure of the Minibond prospectus is defective and lack of 'vital information' on the Minibond underlying securities. Need to investigate on this.

Mr. Leon Hindle who is in HK started his hedge fund is former head of the CDO & Structured Credit Group, Lehman Brothers Asia. And Legco members need to investigate on these.

雷曼亚洲安排了迷债及迷债最为隐藏之部分：合成CDO。雷曼亚洲让迷债发行商Pacific International Finance 买入雷曼自己安排的合成CDO("Septermber 25, 2006 Derivatives Week")。雷曼亚洲之结构产品部门主管 Leon Hindle 却在新闻发布上讲：此产品是“通过直接销售和第三者分销商卖给各类投资者”。
- 掩盖了此产品其实是100％直接卖给Pacific International Finance，Pacific International Finance 作为迷债抵押品买入的,
- 也掩盖了此产品也是为迷债抵押品之目的而设计的。掩盖了雷曼一手操纵此产品之买卖双方之事实。


Please read carefully about
(1) what SEC charges Goldman Sachs;
(2) what Goldman Sachs stated about its disclosure.


As self-claimed, Goldman Sachs provided every details on the underlying securities for the Synthetic CDO. But, as SEC claimed, Goldman Sachs did NOT mention the fact (i) the collateral was (originally) selected by paulson, and (ii) paulson is betting on the value dropping of those collateral.


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“The product was new and complex but the deception and conflicts are old and simple,” SEC Enforcement Director Robert Khuzami said in the statement. “Goldman Sachs wrongly permitted a client that was betting against the mortgage market to heavily influence which mortgage securities to include in an investment portfolio, while telling other investors that the securities were selected by an independent, objective third party.”