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Politics : President Barack Obama
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To: Little Joe who wrote (37282)10/9/2008 1:33:41 PM
From: Lizzie Tudor  Read Replies (2) of 149317
 
the reason he claimed 3% reserves was adequate is because they thought they were protected with CREDIT DEFAULT SWAPS which were sold as insurance. I'm not saying Raines was not a cowboy, he was, but Swaps and Leverage are the culprits here, imho primarily swaps, and there is only a small group of people resonsible for those, and it was not anybody at Fannie or Freddie.
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