WEEKEND READ: Sub-prime Rhapsody

With apologies to Queen, we thought you'd like this humorous take on the sub-prime mess.

"Sub-prime Rhapsody"

(to the tune of "Bohemian Rhapsody")

Is this the real price?
Is this just fantasy?
Financial landslide
No escape from reality
Open your eyes
And look at your buys and see.
I'm now a poor boy
High yielding casualty
Because I bought it high, watched it blow,
Rating high, value low,
Any way the Fed goes, doesn't really matter to me, to me.

Mama, just killed my fund,
Quoted CDOs instead,
Pulled the trigger, now it's dead
Mama, I had just begun,
These CDOs have blown it all away,
Mama, oooh,
I still wanna buy,
I sometimes wish I'd never left Goldman at all.

I see a little silhouette of a Fed,
Bernanke! Benanke! Can you save the whole market?
Monolines and munis, very very frightening me!
Super senior, super senior
Super senior CDO magnifico
I'm long of sub-prime, nobody loves me
He's long of sub-prime, CDO fantasy
Spare the margin call you monstrous PB!
Easy come easy go, will you let me go?
Peloton! No - we will not let you go!
Let him go!
Peloton! We will not let you go!
Let him go!
Peloton! We will not let you go!
Let me go!
Will not let you go!
Let me go (never)
Never let you go!
Let me go!
Let me go!
No, no, no, no, no, no, no,
Oh mama mia, mama mia,
Mama mia let me go,
S&P had the devil put aside for me for me, for me, for me.

<guitar bridge>

So you think you can fund me and spit in my eye?
And then margin call me and leave me to die?
Oh PB, can't do this to me PB
Just gotta get out, just gotta get right outta here.

<guitar solo>

Ooh yeah, ooh yeah

No price really matters,
No liquidity,
Nothing really matters,
No price really matters... to me

<instrumental ending>

Anyway the Fed goes...

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