Wall Street Wizardry Amplified Credit Crisis ($)
THE WALL STREET JOURNAL - Page One - December 27, 2007
By Carrick Mollenkamp and Serena NG

EXCERPT

Only nine months after selling $1.5 billion in securities to investors, Norma is worth a fraction of its original value. Credit-rating firms, which once signed off approvingly on the deal, have slashed its ratings to junk status.

"It is a tangled hairball of risk," Janet Tavakoli, a Chicago consultant who specializes in CDOs, says of Norma. "In March of 2007, any savvy investor would have thrown this...in the trash bin.

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