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August 18, 2007 at 13:40:00

Credit Derivative Orgy is Behind Liquidity Crisis

by Martha Rosenberg     Page 2 of 2 page(s)

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(Freddie Mac and Fannie Mae have only recently valued their derivatives losses.)

Meanwhile Treasury Secretary Henry M. Paulson, Jr. during his first on the job test--and pretending Goldman Sachs is someone he met once at a party-- took a good/news bad news stance.



"The genius of our system is that it recognizes that if you're going to give entrepreneurs and investors the chance to succeed and reap the benefits of their risk-taking" he said, "they also need the freedom to fail."

Andy Fastow can expect some company in jail.

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Martha Rosenberg is staff cartoonist for the Evanston Roundtable.

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