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Acronym for collateralized debt obligation, a funding tool that banks use to package up a bunch of bonds (often subprime mortgage backed), then divide the package up into new bonds and sell them after skimming a few million dollars off the top. Usually called "diversified," but if you've got dog shit, horse shit, ape shit, and [elephant shit], then you can call it [whatever you want], but at the end of the day you're still just holding a gigantic pile of shit. A way of putting lipstick on a pig that banks milked the hell out of from the mid-1990's til 2007. [Unfortunately] the banks got totally Bear Stearned when everyone saw through the lipstick and they were caught holding a whole sty of CDO pigs.
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