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Emancipation Proclamation

Michael Lewis’ “The Big Short”: Diabolical Castles in the Sky

Voiding Credit Default Swaps In a book stuffed with scathing insights and blockbuster revelations, here’s perhaps the biggest one (courtesy of Michael Lewis, writing in The Big Short): The reason Citigroup (amongst others) is considered “Too Big Too Fail” isn’t because it holds over $1 trillion in ordinary Americans’ savings in their vaults. It’s not...
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