eBonds - Seriously?

80-Year-Old John “Mac” McQuown wants to reinvent corporate bond. 

Basically, it sounds like he wants to issue a corporate bond and then package it with a credit default swap [CDS] and clear it through a clearinghouse, which (hopefully) will have a AAA claims-paying ability and thus creating a AAA corporate bond. He calls it the eBond, short for exchangeable bond.

From http://www.bloomberg.com/news/articles/2015-02-03/meet-the-80-year-old-whiz-kid-reinventing-the-corporate-bond?cmpid=BBD020315&alcmpid=

From http://www.bloomberg.com/news/articles/2015-02-03/meet-the-80-year-old-whiz-kid-reinventing-the-corporate-bond?cmpid=BBD020315&alcmpid=

Hahaha! If only it were that easy, then the failure of the credit-default swaps for the mortgage-backed securities would never have happened and the 2007 Global Financial Crisis would not have occurred. Transforming junk-graded debt into AAA-rated notes was what caused the Great Reset and Mr. McQuown is proposing another way to do just that. 

McQuown's eBond idea sounds like an innovative way to obscure risk from the market and fool the masses. I hope it never sees the light of day. 

Not sure why Bloomberg would put him on the cover of their March 2015 edition and give him such prominent coverage.