Sell, sell, sell.

Savings bonds.

They're savings bonds.

So a security in the equity world is a stock.

What do you sell?

But this is, of course, an optimistic scenario. Let's think of other scenarios.

And if buying debt seems like a weird thing to say, buying debt is the same thing as lending money (lending money).

So it's going to be 6,000 times 1,000 bond certificates.

We would create incentives for securitization.

And their value proposition, as even they realized later, was pretty unclear.

Sold

PHOTO RELEASE

My dad sells tractors.

You can't get it on Yahoo!

It can do it through debt or equity.

I have 4 billion in residential CDOs, collateralized debt obligations.

But kind of the one that people always talk about, I guess in the same phrase, is bonds.

We call it a select opportunity .

This is the PC guy over here.

Our liquor license!

What's so awesome about a queensize futon sale?

This guy is a Bible salesman.

Once you have all of that put together, there's not one reason why you couldn't actually have a marketplace for all of that, where you cannot dispose of all of those bonds in a pretty quick way.

There's very little chance of them defaulting on their loans.

And we came up with this idea of issuing bonds, press freedom bonds.

He's like, you know what, we have to match his prices.

And that's better than what you get out of treasury bonds.

So that's what sell side means.

October is inventory time.

Cell phone salesman.

He could also be a Bible salesman.

In a physical channel, a direct sales force are sales people that work for you directly and typically sell directly to the end user.

By the way, the how many is a classic question, and the answer is it depends.

Really?

I'm a salesperson.

I had to break a machine open.

He's going to be selling Nerf footballs.

Cell phone salesman.

Uniform supply company on the internet.

So the person who constructed this whole collateralized debt obligations and who sold these tranches to the public markets, and this process by the way is called securitization, because you're creating securities out of these assets that you sell to everyone, maybe the Chinese, or whoever, sovereign wealth funds.

But then there's a very fundamental difference in what the holder of the bond is doing.

If it turns out you're right, we could sell dealerships now, which sounds crazy.

And because it's a junkier rating, no one is going to want to buy it.

And then the next question, obviously, is who are they selling ads to?

And the reason why they're the sell side is because they're always selling you stuff.