Asset-backed securities

At one of the big brokerage firms in New York, business is done as follows; one of the partners with his right hand sells $500 million asset-backed securites; which are rated top quality; same rating as a US goverment note; the commission could be 1% or 5 million. With his right hand he gets another customer to sell short $500 million asset-backed securites; commision again could be 1% or 5 million. He then goes home to his little estate in Long Island and tells his wife he had a good day at the office; it pays to speak with forked tongue.