In Part II of this The Big Picture, Chris Whalen, chairman of Whalen Global Advisors, sits down with Jason New, co-CEO and head of opportunistic credit at Onex, explain the difference between the CDOs – that helped fuel the great financial crisis in 2008 – and CLOs today. New also explains how COVID-19 related defaults and bankruptcies might impact the asset class. New and Whalen break down how CLOs work and their impact on the broader credit market. New also provides his perspective on Frank Partnoy’s recent article called “Will the Banks Collapse?” in The Atlantic. Filmed in July 2020.