It was only a standard press release touting a new method of ordering food. Was it, though?
It was not, apparently. Recently, there has been a lot of talk on social media, particularly in certain financial circles, about a speculative financial instrument that has the potential to bring down Wall Street: the burrito loan.
Why all this? DoorDash (DASH), a food delivery service, announced on Thursday that it is collaborating with Klarna, a Buy Now, Pay Later provider, to allow customers to pay for their meal delivery in four interest-free payments. A few wags immediately started making jokes on X about having to wait months to pay for a $15 taco. Others, though, went far beyond.The sequence from “The Big Short” where Steve Carell’s character realises the magnitude of the looming subprime mortgage crisis and the problems with collateralised debt obligations, or CDOs, was referenced by business writer Trung Phan.
“Burritos are used as collateral for the initial loans. [A chicken] Pork. Asada carne. In any case. Burrito CDO C, however, is a synthetic form of Burrito CDO. In a humorous post, Phan wrote, “A CDO of Burrito CDOs.”
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