Put another way, a poor quality bank bond that no one wants because the bank is in trouble is suddenly high quality debt if the Fed is prepared to swap it for a Treasury bond.
Using the era's best computers, Milken calculated that he could dive down to the swamp's bottom and rescue the credit unworthy ... if he could pool enough of the poor suckers into one high-yield bond and price it appropriately for the risk.
The BBC's sports editor David Bond said the state of the game was brought into sharp focus last year by England's poor showing at the World Cup, followed by the failure of the 2018 World Cup bid and growing concerns over financial inequality and instability.