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All Bailouts Are Counterparty Bailouts

The Big Picture found this 3/16/2009 on economicsofcontempt.blogspot.com

I'm a structured finance lawyer with a background in economics and, unfortunately, politics. I chose "Economics of Contempt" as a title because a judge once told me after a trial that he would have held a particularly, um, "outspoken" client of mine in contempt, but he was afraid that I'd write ...