That’s so 2008

The financial crisis of 2008 was full of surprises. Among the most stupefying were the tales of financial wheezes people thought were a good idea during the preceding bull market. More will surely emerge as gallons of toxic waste slosh out of banks and hedge funds in 2009. While waiting for the full inventory, here are seven we hopefully won’t see again. 1 PIK toggles These debt features were popular in 2007 – but it wasn’t until 2008 that toggles started to get flicked. “PIK” stands for payme...