Let me help the folks at Fortune out. As I explain in my new book, Dear Mr. Buffett: What An Investor Learns 1,269 Miles from Wall Street, value-destroying securitizations went well beyond securitizing bad mortgage loans with unexpectedly bad performance combined with a “bipartisan national policy,” and morphed into the accelerated manufacture of CDOs and CDO-squared transactions (especially in 2007) designed to cover up losses. Many of the securitizations were doomed on the day they closed, and any multi-million dollar payday securitization professional worth his or her salt knew it or should have known it.

Fortune’s not alone, it must be said. The bizpress generally still hasn’t really focused on the bread-and-butter of this crisis: the sale of defective loans and defective securities, by the bushel, and the extent to which the sellers knew of those defects.

That’s unfortunate.

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Dean Starkman Dean Starkman runs The Audit, CJR's business section, and is the author of The Watchdog That Didn't Bark: The Financial Crisis and the Disappearance of Investigative Journalism (Columbia University Press, January 2014). Follow Dean on Twitter: @deanstarkman.