The mystique of structured products

Editor's letter

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The session of the Greek parliament on 3 May 2007 was an especially stormy one. A few days earlier, the minister for employment had been forced to resign, and the socialist opposition smelled blood. Why, clamoured the socialist MPs, had the finance ministry hired the international bank JP Morgan to package loans linked to military procurement in the form of structured notes linked to constant maturity rates?

JP Morgan had sold the notes to a London hedge fund, North Asset Management. After

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