Arctic populations that missed the opportunity to get involved with CDOs and other structured products they had no chance of understanding are getting their prayers for another shot answered courtesy of the PPIP. The Inupiat Eskimos from Alaska's North Slope are partnering with Oaktree Capital Management to take the natural next step in their diversification away from oil by getting into toxic assets. Taking a break from his duties as a whaling boat captain, Richard Glenn, the vice president of lands for the Arctic Slope Regional Corp explained the logic behind the new push of Eskimo money into structured products.
"We were born in the oil patch but knew we should diversify. Not too many eggs in one basket."
And soon they'll be wondering why the puke green egg that says AAA-rated CMBS smells so rotten.
Inupiat Eskimos Jump Into PPIP [WSJ]