Mabel Yu and The Vanguard Group
Should We Recommend This Bond to Investors?
FROM LATE 2005 to the summer of 2008, Mabel Yu was increasingly pushing herself over the edge, both physically and mentally. She'd been working until ridiculous hours night after night, poring over complex descriptions and analyses of structured finance securities, including mortgage-backed securities; commercial mortgage-backed securities; asset-backed securities for credit cards, car loans, and leases; and asset-backed commercial paper. Were they safe investments or too risky for Vanguard to buy on behalf of its customers? It was devilishly difficult to figure out the answer to this question. Even as she and the world began to realize the problems in the assets behind ...