It was just a matter of time until someone wrote the Great American
Musical about credit default swaps.
With a shove
from This American Life, we have the first song, penned by Robert Lopez
of Avenue Q: “Bet Against the American Dream.”
Magnetar was a hedge fun that made huge money by selling short just before the crash of 2008. (The fund was named for “the super-magnetic field created by the last moments of a dying star.” You can’t make this stuff up!) Pro Publica has the whole story.
As for the clip, Ira Glass says it all: “It’s just really fun to watch these people who are so good at their jobs.” The lead singer, John Treacy Eagan, took over for Nathan Lane in The Producers, which is just about perfect for this piece.