Financial history has nothing to compare in sophistication and complexity with the collateralised debt obligation. Yet the fevered discussion of the Securities and Exchange Commission's fraud charges against Goldman Sachs serves as a reminder that bubbles tend to follow archetypal patterns. While the courts will decide whether Goldman knowingly sold a CDO pup to IKB and others, there is a wider sense in which the recent credit bubble followed an age-old pattern whereby clever insiders are pitted against naive outsiders.
就成熟度和复杂性而言，金融历史根本无法与债务抵押债券 (CDO)相提并论。而围绕美国证交会(SEC)起诉高盛(Goldman Sachs)欺诈一事的热烈讨论则提醒人们，泡沫倾向于遵循自己的原始模式。高盛是否出于欺诈目的、有意将CDO产品卖给德国产业投资银行(IKB)及其它客户，将由法院裁决，但人们有一种较为普遍的感觉，即近来的信贷泡沫遵循着一种古老的模式：聪明的“局内人”算计天真的“局外人”。
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