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It’s finally dawning on market players and investors
that Wall Street’s interest and those of
investors have never been aligned...Investors
are beginning to say to themselves: ‘Hey, there
is someone who will benefit if this doesn’t go well.’

While the preferred outcome here would be humiliating defeat for both sides, the answer to two questions would be interesting:
  1. How many people at M&T (NYSE:MTB) actually read the “390-page offering document with detailed descriptions of the kinds of bonds that would go into” the dodgy CDO; and
  2. How many of those actually understood that which they read?
by Vikas Bajaj
The New York Times Jan. 20 2008