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In Michael Lewis's book on subprime, he writes that some of the banks ran out of subprime borrowers, so they created CDOs out of wholecloth. They "sold" them to the shorts first.
by Upstate NY on Thu Oct 20th, 2011 at 09:40:47 AM EST
Whole cloth was being cut into as many pieces as possible and sold every direction possible.
by rifek on Thu Oct 20th, 2011 at 12:41:08 PM EST
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