A Deustche Bank Trader Wrote A Song About The Crappy CDO Business To A Tune By Vanilla Ice


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During the financial crisis, Deutsche Bank’s Greg Lippmann and his bond traders (who built a $5 billion short on the subprime market) were negative on the subprime market while many people at the firm (and elsewhere on Wall Street) weren’t.Lippmann called those people “CDO fools” and he made profits for Deutsche Bank by “duping” the fools (into buying the CDOs that he shorted).

Part of Lippmann’s defence for his actions is that he was “grasping at things” to prove his short position, but it wasn’t like Lippmann wasn’t the lone soldier on this. One of the men on Lippmann’s desk, Rocky Kurita, agreed with Lippmann enough to write an entire song dedicated to the crappy CDO market.

Rocky Kurita, set CDO business to a song, “CDO Oh Baby,” by Vanilla Ice with the following lyrics:


New York Social Diary

Yo vip let’s kick it! CDO oh baby, CDO oh baby. All right, stop, collaborate and listen.

Spreads are wide with a technical invasion.

Home Eq Subs were trading so tightly.

Until Hedge Funds Bot Protection daily and nightly.

Will they stop? Yo I don’t know. Turn up the Arb and let’s go.

To the extreme MacroFunds do damage like a vandal.

Now, BBs are trading with a new handle.

Print, even if the housing bubble looms.

There are never ends to real estate booms.

If there is a problem, yo, we’ll solve it.

Check out the spreads while my structurer revolves it.

CDO oh baby, CDO oh baby.

Sing it! It really works. 

Nice job, Rocky. Your polite and mild-mannered looks are delightfully misleading.

Kurita passed the song around in an email and Lippmann got it in a forward on 11/8/2005. 

Here’s more on the lyricist:

38-year old Rocky Kurita (full name: Hiroki Michael Kurita) left Deutsche Bank in 2008 for DE Shaw, to form a new Asset Backed Securities group.

He’s married to Sarah Gallant Kurita, a teacher, whom he met in college at Bucknell University.