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From: John
Subject: If this doesn’t scare the living shit out of you…
“What we are witnessing,” says Bill Gross of the bond manager Pimco, “is essentially the breakdown of our modern-day banking system, a complex of leveraged lending so hard to understand that Federal Reserve Chairman Ben Bernanke required a face-to-face refresher course from hedge fund managers in mid-August.”‘Cause you know that those hedge fund managers are looking out for you and me.
Anything the average Hedge Fund Manager could say to enlighten Bernanke with is of zero benefit to guys like me. And, probably, zero benefit to 90% of the country as well.
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Jonny, et al–
It’s really a pretty simple,m age-old scam: make stupidly risky yet devilishly complex loans, then try to sell them down the river before anyone realizes they are worthless.
Mikey