Only Mick Mulvaney would have the balls to explain lobbying to lobbyists.
What are you guys even paying for?
Turns out mortgages weren’t the only toxic assets that were packaged into CDOs. Small community banks issued billions of dollars in trust preferred securities before the credit crunch as a way to prop up their capital cushions. Problem is, the only way they could sell the so-called TruPS to investors was to bundle them up into CDOs.