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To: JF Quinnelly who wrote (69825)	1/10/2009 12:15:45 PM
From: koan	of 71178

Let me redo this paragraph-lol. Early here. Yes, glass Steagll was everyone's fault, but according to NOW/PBS it was also Moody's and Standard and Poors stamping C and B paper AAA paper, after banks pulled the C/B paper out and rebundled it into collateralized Debt Obligations (CDO's; and then selling them around the world as AAA paper (fraud)in billion dollar bundles making a fortune in commissions. And CDS's made things even worse e.g. AIG. It was the CDO's which caused the freeze in credit markets when they could not "Mark to market" i.e. no one knows what their real worth is.

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