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To: ggersh who wrote (107697)	2/1/2010 9:42:44 PM
From: Hawkmoon	Read Replies (1) \| Respond to of 116555

Exactly, but as the article states Bear didn't play along I found that interesting. Paulson actually approached Bear and they refused to play ball. Sounds to me like some previous employee of Bears could become a star witness. "At Bear Stearns, however, Scott Eichel, a senior trader, and others met with Mr. Paulson and later turned him down. Mr. Eichel said he felt it would look improper for his firm. "On the one hand, we'd be selling the deals" to investors, without telling them that a bearish hedge fund was the impetus for the transaction, Mr. Eichel told a colleague; on the other hand, Bear Stearns would be helping Mr. Paulson wager against the deals." Here's the original article, btw: online.wsj.com huffingtonpost.com And yes.. it does all stink. But CDS are the creation of JPM. And now they want to follow up that disaster with trading Carbon Credits. Blythe Masters apparently created both of them: "Masters says banks must be allowed to lead the way if a mandatory carbon-trading system is going to help save the planet at the lowest possible cost." And derivatives related to carbon must be part of the mix, she says. Derivatives are securities whose value is derived from the value of an underlying commodity -- in this case, CO2 and other greenhouse gases"" zerohedge.com Hawk

To: ggersh who wrote (107697)	2/1/2010 10:08:57 PM
From: John McCarthy	3 Recommendations Read Replies (2) \| Respond to of 116555

g I was daydreaming about writing a fiction novel ... (a) P goes to X (b) X creates CDO's (c) X sells to dopes - Cayman Islands? (d) X does credit swap defaults on (c) with AIG (e) X shorts the ABX index (f) X covered and Profit (g) Ben/Timmy do holy shit on AIG exposure (h) X in the room as Timmy does 100% (i) Ben - we saved the world (j) P makes billions moves to ---> gold (k) X President talks to God Oh forgot - haven't decided whether Sick&Puppy or MyMoney or Froth gets to stick their AAA on (b) regards John