The guy that gets whacked only after the first loss guy has had all the beating he can take. This can be a source of some comfort, if not empathy, for that second loss person, but this comfort will last only until she realises what was in the portfolio. This reveal will at once, explain how the yield on her second-loss tranche was so damn good, seeming as it so thoroughly did to defy the normal expectations of risk and return, and also make plain how utterly her second-loss tranche is about to be demolished by the tsunami that has just overwhelmed the flood defences of that poor first-loss guy, who, as he floats off into the tidal spume with what remains of the wreckage of his notes, will manage to look back on the forthcoming destruction with a sense of inner calm and satisfaction.