Gerry Sullivan

Why Did the Mortgage Market Go Out of Control?

Great explanation.

I think that something similar is going on with all the Master Limited Partnerships that are being created. Wall Street has figured out a way to restructure these assets and sell the pieces at a higher price in the new structure.

Most of these assets have been around for years as parts of pipeline companies like Texas Gas Transmission and Northern Natural Gas. Now they are being sliced and diced into new companies to be
sold, mostly to retail investors.

The outcome is very predictable.