The product at the heart of the US Securities and Exchange Commission's civil charges against Goldman Sachs is a synthetic collateralised debt obligation. This complex structure comprises a bet from a set of “long” investors that a given pool of mortgage-backed bonds will pay off; and another from a set of “short” investors who believe it will default. The CDO simply reconciles these opposing bets, much as a bookmaker would.
美國證交會(SEC)對高盛(Goldman Sachs)提起的民事指控的核心，是一種合成債務抵押債券(synthetic CDO)產品。這一復雜的結構，由一組“多頭”投資者的押注和一組“空頭”投資者的押注構成。多頭押注于給定的抵押貸款支持債券池會得到償還，空頭則相信該債券池會違約。該CDO不過是把兩種對立的押注撮合在一起，與設賭者很是相似。
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