Thursday, September 18, 2008
Biglaw does more than just churn paper. While some of us were in the basement churning through piles of worthless makework paper dreck, others were upstairs helping Wall Street draft opaque multi-tranche bi-lateral credit default securitization diversification instruments. Sorry America, you have been pawned. The credit crunch isn't just limited to the subprime paper, as we have been promised all along. It's in the prime, prime A, and commercial paper, as well. Get ready for a long, steep, and prolonged economic recession.