Collateralized Debt Obligation explained by an Irishman:--
Lisa bought a donkey from a farmer for £100.
The farmer agreed to deliver the donkey the next day.
In the morning he drove up and said, 'Sorry son, but I have some bad news. The donkey's died.'
Lisa replied, 'Well just give me my money back then.'
The farmer said, 'Can't do that. I've already spent it.'
Lisa said, 'OK then, just bring me the dead donkey.'
The farmer asked, 'What are you going to do with him?'
Lisa said, 'I'm going to raffle (Lottery)him off.'
The farmer said, 'You can't raffle a dead donkey!'
Lisa said, 'Sure I can. Watch me. I just