And the Award for Best Use of Monty Python in the Context of a Complex Financial Instrument Goes To...

Mark Gilbert:

CDO Market Is Dead, Not Just Pining for Fjords: Mark Gilbert

Commentary by Mark Gilbert (with apologies to Monty Python)

Aug. 7 (Bloomberg) -- Hedge-Fund Guy enters an investment bank. "I wish to complain about this derivative security what I purchased not two years ago from this very boutique," he says.

"Ah yes, the Collateralized-Debt Obligation," says the Wall Street Banker. "What's wrong with him?"

"I'll tell you what's wrong with him, my lad. He's dead, that's what's wrong with him!"

Wall Street Banker: "No, no, he's ... restin'." Hedge-Fund Guy: "Look, matey, I know a dead derivative when I see one, and I'm looking at one right now."

"No, no, he's not dead, he's restin'! Remarkable investment, the CDO, isn't it? Beautiful plumage!"

"The plumage don't enter into it. He's stone dead."

...

Go read the rest, and don't try to drink anything at the same time.