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!
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