An old story in modern times. Duncan Mavin's pretty darn good book on Greensill
Bronte Capital
OCTOBER 23, 2022
Not in 2005. And the gate-keepers - fixed income asset managers responsible for billions, regulators paid to keep a watch on this - are often empty suits. Whenever someone couldn't pay there was a cash-out refi to allow them to become current. With Lex too - the dodgy credits had their credit extended indefinitely.
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