December 25, 2007 (LPAC)--A $33 billion chunk of Canada's debt market, which had been frozen since August because it contained asset-backed commercial paper--in turn made up of mortgages, auto loans and credit card debt--has just been restructured and unfrozen by various private dealers. This miracle of modern financial engineering was achieved by taking the most toxic $3 billion of the paper, "segregating" it from the rest, and then repackaging it with a similar amount of "higher quality debt," according to the New York Times.

Voila! The shit may still smell, but boy does it shine!