Whenever you are inclined to doubt the excesses in the securities markets, you need only look as far as NCAA bonds. No, these bonds have nothing to do with college sports. In this case, NCAA stands for "No Coupon At All." These are high yield bonds that default even before it comes time to make their first interest payment, which is usually six months after issuance. (Investment professionals often refer to bond interest payments as "coupons," which is a throwback to the days when paper bonds were issued with interest coupons that you cut off and sent in to get paid.)We saw a number of NCAA bonds in the run-up to the financial meltdown in 2008, but we have seen few if any since then. Until last week, that is, when American Eagle Energy Corp. (AMZG) announced that it would not make the first interest payment due March… Read More …