* "Any information should go through the CDO's trustee, not the rags. Although maybe I shouldn't call them that." - Bear Stearns' Jean Fleischhacker. Aww, c'mon Jean! Muckrakers made sure our hamburgers contain real beef! Let's chat over some at lunch!

*The real issue you didn't hear on the CDO panels: "I see these guys walking around here and I want to know how they kept their jobs after not one, not a few, but billions in their portfolios have been downgraded. The issue isn't getting secondary market trading going, but how they're still on the payroll after last year!"-From the mouths of babes? Nope, just a mid-Atlantic based investor.

* "We've replaced several [collateral] managers last year." - TCW's Fred Horton

* "Has the CDO market matured? I just look at how many more women are in the room today and I say, gosh, we must be making some dough because this was never an attractive crowd before!" - Observant collateral manager.

Copyright 2003 Thomson Media Inc. All Rights Reserved.

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