NPR | The Return Of Toxie the Toxic Asset, In other words: Toxie lives!

The Return Of Toxie

Last year, as part of a reporting project, we bought a toxic asset — one of those complicated financial instruments that that nearly brought down the global economy.

We spent $1000 of our own money and bought a tiny slice of a bond backed by mortgages. We paid just a fraction of what it originally cost. It was such a good deal, we thought maybe we’d make a few bucks, which we’d give to charity.

That didn’t happen. The mortgages in our toxic asset — Toxie, to those who knew her well — went bad so fast that we wound up losing half our money. Last fall, we declared Toxie dead.

Recently, though, a lawsuit was filed against the bank that put Toxie together. If this lawsuit is successful, we could conceivably receive the original face value of our slice of the toxic asset: $75,000.

In other words: Toxie lives!

Check out the rest here…

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