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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: stan_hughes who wrote (85704)	8/30/2007 9:14:41 AM
From: Paul Kern	Read Replies (2) \| Respond to of 110194

there ain't no stinkin' counterparty for a lot of these things, and sooner or later the biggest blow-up you've ever seen is going to crystallize on Page One The holder funds consists incorporation papers in a file cabinet in the Cayman Island. No expensive brass nameplates required. It has, or, maybe, had a bank account in Vanuatu. This paper is assignable -- to anyone. Say GS was the initial issuer. These guys could be the fifth, or tenth assignees. The holding entity, three guys from Boca Raton, collect and distribute the premiums as fast as they come and and disappear as soon as they called to pay leaving not a trace.