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WARNING: Something Just Broke in the Financial System
It’s not just the $2.3 billion that allegedly simply vanished; it’s how and maybe most important of all, why. Second guessing collateral this way does not end well. Especially since this does not appear to be a one-off case of embezzlement and outright theft, rather a relatively large company which made some bad choices pressured into doing so by the economy and given the opportunity by less than ideal protections and security.
Eurodollar University's Money & Macro Analysis
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The skinny
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