Opera Buffa: From AAA to CCC

The Wall Street Journal has an excellent graphic on how mezzanine CDOs like Norma, originally rated AAA-A when issued in March 2007, went from 100 to nearly worthless within months. When the WSJ page appears click (launch content) and the graphic will start.

For opera lovers, Norma by Vincenzo Bellini is probably the most demanding role for any soprano. It was the signature role of the incomparable Maria Callas who performed it 89 times in a career spanning 300+ appearances.

You can imagine what she would have thought of naming a slapstick CDO after it...opera buffa, perhaps?

P.S. In the opera, Norma almost murders her children and eventually commits suicide by throwing herself on the funeral fire consuming her lover. Hmmm... I think there must be a few opera lovers in the financial engineering field. Perhaps the CDO name was a warning? Notice the dagger...

Maria Callas as Norma (Teatro alla Scala, 1955)