As the dust settles after the near collapse of the world's financial system last year, it's back to the smoke-and-mirror tricks that helped cause the crisis in the first place.

I'm specifically referring to Re-Remics - "the resecuritization of real estate mortgage investment conduits".

Basically this involves repackaging existing collateralized debt obligations into new products.

Congressman Dennis Kucinich (D-OH) has asked Treasury Secretary Timothy Geithner to address the potential threat to the financial system posed by resecuritization of existing residential mortgage backed securities. (Read the full text of his letter).

According to Dennis Kucinich's website: "The Re-remic process takes previously issued residential mortgage backed securities and collateralized debt obligations whose value has deteriorated considerably, and repackages them into larger, more complex financial instruments in an attempt to create investment-grade products once again. Investors and analysts alike have stated concerns that re-remics could be used to hide toxic assets and manipulate capital requirements."

Kucinich claims that only $50 million of a $664 Billion market is overseen by the Securities and exchange Commission.

Needless to say, one of the usual suspects is actively creating these financial products: Goldman Sachs.

This is scary stuff ..... and make me wonder if Wall Street believes it will get away with this, again!