* "P.A.U.G. sounds like a Soviet car. I was relieved to find out it meant pay-as-you-go."--Claude Brown, partner at Clifford Chance, finding levity in ISDA's CDS on ABS documentation template.
* "They piss away money."--Sam Derosa Farag, managing director in research at Credit Suisse First Boston in New York, on the credit hedging methodologies of derivative houses during the current credit cycle.
