http://www.reuters.com/article/marketsNews/idINN1951859620090219?rpc=44 What is "BBB Rock" ? Schist ? ................................................. Or.... Maybe BBB will be the higher end of what's available ?
Coprolite? This is why "screwing the banks" is likely to end badly. To the extent that the toxic asset situation isn't resolved quickly, the counterparties to banks' liabilities will find that they hold toxic assets, too. It's all a very large chain of dominoes with lots of semi-innocent people involved.