Mr Bearbull 

When to be afraid

Mr Bearbull

Mr Bearbull

First there was The Creature from the Black Lagoon, a horror classic that scared American movie-goers rigid in 1954. Then came its sequel, Revenge of the Creature, which did not have quite the same fear factor but was judged pretty scary nonetheless. So is life imitating art (of a sort)? First we had collateralised debt obligations (CDOs), the multi-layered monsters whose collateral damage is still strewn across the globe. Now we have collateralised loan obligations (CLOs). Much like the movie sequel, they may lack the frisson factor of the original, but they still have central bankers peeping from behind the sofa.

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