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Forums > General Discussion > Is David Bowie to blame for the credit crunch?
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Reply #30 posted 01/22/09 12:32pm

AsylumUtopia

RodeoSchro said:

I think this is a GREAT thread! I was thinking about Bowie's deal the other day. As I recall, he got $55 million up front in return for signing over his royalties. I don't know if he would have done better collecting his royalties instead or not, but I thought his creativity was brilliant.

But look - *I* issued a mortgage-backed security in 1993, so don't give Bowie any of MY props!

(FYI - my security performed perfectly and met all projections!)

Beat me to it. smile I was about to say (so I'll say it anyway) :

The slight flaw in the argument is that David Bowie did not invent securitisation. In 1997 there were already quite a few tranches of securitised mortgages on the London stock exchange. He probably is still responsible for the credit crunch, but not for this reason.
Lemmy, Bowie, Prince, Leonard. RIP.
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Forums > General Discussion > Is David Bowie to blame for the credit crunch?