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.
美国证交会(SEC)对高盛(Goldman Sachs)提起的民事指控的核心，是一种合成债务抵押债券(synthetic CDO)产品。这一复杂的结构，由一组“多头”投资者的押注和一组“空头”投资者的押注构成。多头押注于给定的抵押贷款支持债券池会得到偿还，空头则相信该债券池会违约。该CDO不过是把两种对立的押注撮合在一起，与设赌者很是相似。
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