Synthetic CDO that fails in subprime securitization

Synthetic CDOs are magical things. They have no reality. But they exist. They are devious creations created by some of the most devious minds on earth. The search for the Holy Grail of untraceable, finger-printless, opaque, dark pool money machine was perfected a mere 10 years ago and it was unleashed upon this earth to exploit the Japanese carry trade's funny money 0% lending! See? When we talk about all these strange unicornic creatures created by the gnomes, we must never forget the ultimate reason: to exploit this amazing, once in the last 500 years event!
So the problem was, how to shimmy this good thing into the real economic world and thus, use it as a basis for building great wealth without lifting a finger or making anything exportable.
welcome to the Outer Darkness.