Even before the market went garrity in mid-August, several muckers had predicted that trouble was brewing. Some of this was based on useful knowledge that they’d gleamed from their contacts in the credit market combined with a realistic appraisal of the problems that were about to come home to roost. “You can’t polish a turd,” one of them warned me about the CDO market.
In early July, one of my contacts had suggested that I should write an article on what he described as the asymmetric relationship between banks and hedge funds.
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