Abigail Hofman

Is boring the new sexy? A long time ago, or so it seems, opaque was opalescent. Do you remember how, in early 2007, we marvelled at the alphabet soup of products banks were cooking up? As outsiders, we might have wrinkled our nose at such terms as CDOs, CLOs, SIVs, conduits and warehouses, but we knew bankers were much cleverer than the rest of us (they were paid so much more after all), so these creations had to be good things. To mere mortals, complex banking was creative, canny and above all glamorous, while the shadowy world of hedge funds and private equity was glamour squared.