Yale’s Financial Stability Program Features a Special Project: Inside the CDO Machine

Due to his unique position as a former peer, Kasoff was able to speak at length with six people who held key positions in the CDO business as it evolved during the GFC exploring developments in inside the industry. Additionally, Kasoff contributed his own in-depth interview.

Based on these conversations, Kasoff wrote a monograph, Anatomy of a trade: the making of a subprime CDO, a detailed and insightful parable that illustrates insider views – the motivations, structural maneuvers and evolution of this market which the FCIC says has played a key role in spreading risk throughout the financial system and in the acceleration of the crisis. The monograph is an engaging read that makes the complicated subject matter accessible to a wide audience; all the Inside the CDO machine Project documents, including full interviews, present new and valuable information for industry professionals and regulators.

Access a combined pdf of the “Inside the CDO Machine” project documents here, or individually below.

The YPFS Lessons Learned Oral History Project: A Special Project: Inside the CDO Machine by Rosalind Z. Wiggins and Andrew Metrick

Wall Street’s subprime mortgage debacle: First-hand accounts from inside the CDO machine by Matthew A. Lieber and Steven H. Kasoff

Anatomy of a trade: the making of a subprime CDO by Steven H. Kasoff

Lessons Learned Interview Summaries
Comprehensive lessons learned interviews

Kasoff was assisted on the “Inside the CDO Machine” project by Matt Lieber, one of our lessons learned investigators.

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