Fed Casts Scapegoat Net, Snag Cioffi and Tannin
Bloomberg - June 24, 2008
by Caroline Baum

In late May, early June, the hedge funds' creditors (Wall Street Investment banks) "challenged April prices and asked for more margin, [Tavakoli] said. Yet they failed to mark down their own books that quarter...They basically lied. They knew or should have known" the CDOs they were packaging were "over-rated and overpriced..."


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