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Assured Guaranty Ltd. Message Board

  • whiskeybearrobin Jun 22, 2011 8:19 AM Flag

    JPM = bond fraudster

    Dimon's bank just agreed to 550M SEC settlement for doing the *exact* same thing as Goldman: Hedge fund picks mortgages most likely to fail, bank bundles these into a CDO, sells CDO to pension funds as AAA-best investment and no disclosure on hedgie's role, hedgie places short bet, hedgie sucks away the accumulated wealth of these pension funds when security fails.

    One difference: "Unlike Goldman, which settled a fraud charge indicating it acted with intent or recklessness, JPMorgan was charged in a way that suggests its activity may have been negligent."

    Not sure if AGO insured any of these but if it did, they are clearly off the the hook for covering them.

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