Financial history has nothing to compare in sophistication and complexity with the collateralised debt obligation. Yet the fevered discussion of the Securities and Exchange Commission's fraud charges against Goldman Sachs serves as a reminder that bubbles tend to follow archetypal patterns. While the courts will decide whether Goldman knowingly sold a CDO pup to IKB and others, there is a wider sense in which the recent credit bubble followed an age-old pattern whereby clever insiders are pitted against naive outsiders.
就成熟度和復雜性而言，金融歷史根本無法與債務抵押債券 (CDO)相提并論。而圍繞美國證交會(SEC)起訴高盛(Goldman Sachs)欺詐一事的熱烈討論則提醒人們，泡沫傾向于遵循自己的原始模式。高盛是否出于欺詐目的、有意將CDO產品賣給德國產業投資銀行(IKB)及其它客戶，將由法院裁決，但人們有一種較為普遍的感覺，即近來的信貸泡沫遵循著一種古老的模式：聰明的“局內人”算計天真的“局外人”。
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