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Politics : Liberalism: Do You Agree We've Had Enough of It?
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From: Kenneth E. Phillipps4/16/2010 7:40:32 PM
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Goldman allowed hedge fund manager John Paulson to sponsor a C.D.O. The sponsor can influence how the C.D.O. is constructed, the notion being that the sponsor will act in ways that help all the other investors. But this C.D.O. was allegedly a Trojan horse for Mr. Paulson to take a large short position, betting against the very same C.D.O. he was creating.

But his intent was not disclosed. And, not surprisingly, the deal was a complete wipeout, with Mr. Paulson collecting a billion dollars of winnings at the expense of investors who had been kept in the dark and would almost certainly have turned down the deal if they had had the full picture.

roomfordebate.blogs.nytimes.com
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