While CDO, CDS, are getting all hatred adjective like Toxic Assets, Weapon of Mass Destruction and Uranium 237 and so forth. It is worthwile to revisit what we thought of the same financial innovation 15 years back. To start with we gave fancy name "Financial Engineering". Following is excerpt from leading weekly magzine coverstory in year 98-99 ( Don't remember exactly but it was Business Week ) It goes like this : "Financial engineer don't wear lab coats. They don't experiment on rats or perform gas chromatography. Their raw material - money is'nt as jazzy as physict or biologist investigate. But the innovation they produce will contribute just as much to economic growth. May be more, in fact. Because without science of finace, all other sciences are just a bunch of neat concepts. Ideas begins to contribute to human betterment when they're financed by venture capital, stock offering, loans, or buyouts. The finance revolution in the past 2...