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Wall St Bundled Bad Debt, Bet Against It, And Won
12 hours ago ago from Open Left
From The NY Times : Pension funds and insurance companies lost billions of dollars on securities that they believed were solid investments, according to former Goldman employees with direct knowledge of the deals who asked not to be identified because they have confidentiality agreements with the firm. Goldman was not the only firm that peddled these complex securities - known as synthetic collateralized debt obligations, or C.D.O.'s - ...
Related content‘Life settlements’ Wall Street’s new game
12 hours ago ago from Insurance News
Wall Street is once again creating exotic investment vehicles, this time by securitizing life insurance policy settlements, U.S. financial analysts say UPI: Life settlements' Wall Street's new game
Related contentThe Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History
12 hours ago ago from finance tips from blogtip
In 2006, hedge fund manager John Paulson realized something few others suspected that the housing market and the value of subprime mortgages were grossly inflated and headed for a major fall. Paulson's background was in mergers and acquisitions, however, and he knew little about real estate or how to wager against housing. He had spent a career as an also-ran on Wall Street. But Paulson was convinced this was his chance to make his mark. He ...
Related contentWall Street Manna
1 hour, 39 minutes ago ago from GOLDRUN 2014
Wall Street Manna : "One focus of the inquiry is whether the firms creating the securities purposely helped to select especially risky mortgage-linked assets that would be most likely to crater, setting their clients up to lose billions of dollars if the housing market imploded."
Related contentWall Street Under Investigation for Betting Against Clients
11 hours ago ago from CitizeNYC
This is disgusting. If bankers knowingly sold securities to customers - including retirement funds and other Main Street investment vehicles - they should be locked up. Also, you should read anything Gretchen Morgenson writes: While the investigations are in the early phases, authorities appear to be looking at whether securities laws or rules of fair dealing were violated by firms that created and sold these mortgage-linked debt ...
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