The United States Senate's Permanent Investigation Committee has released a damning report documenting abuses and probably crimes by hedge fund manager Magnetar. ProPublic has the
story today, it is a disturbing read. It is yet more evidence that vast amounts of toxic CDOs were created specifically to sell to unwary investors and then bet against. Much more than conflict of interest, this is surely fraud.
Long after they knew that the housing market was in trouble and that mortgages being written would never be repaid, this and other investment brokers continued to put together these deals. And I find it difficult to believe that the same wasn't happening here in Canada.
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