While most of these deals remain shrouded in secrecy, one of them, Anderson Mezzanine Funding 2007, Ltd. lays out its blueprint in sufficient detail so that we can pinpoint how and why this transaction's failure was assured.
Surprisingly and inexplicably, the Senate and House financial reform bills fail to institute any significant regulation of CDOs. Both bills are entirely silent on synthetic CDOs, and thus have missed the elephant in the room.
CDOs remain shrouded in secrecy, their financial reports remain hidden from public view, unavailable to anyone except actual CDO investors. Bloomberg's coup was to pierce that veil of secrecy, and to drill down into the details of one CDO.
Enron, Collateralized Debt Obligations, and BP. From my perspective the common link is that Congress abdicated its responsibilities for oversight to organizations and agencies that were hopelessly riddled with conflicts of interest.