Towards the end of a credit bubble, ideas that might have seemed crazy in more boring times are not just accepted but embraced by investors desperate to keep the high that comes from effortless bull-market profits. In the junk bond bubble of the late 1980s, for instance, there was the “PIK preferred,” a kind of […]

The post World Gone Mad, Part 2: “Perpetual Preferred” appeared first on DollarCollapse.com.