Wall Street Profits Short on Details ($)
Fortune September 25, 2007
by Peter Eavis

(Fortune Magazine) --Hedge funds...were huge players in the mortgage market, particularly in the subprime instruments that make up the ABX. Hedge funds are opaque and often highly leveraged.

"There is a tremendous amount of counterparty risk on hedge funds," says Janet Tavakoli, president of Tavakoli Structured Finance.

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