It's only fraud if it is fraudulent not to tell ACA that some no-name hedge fund is on the other side of their trade. The ACA guys got paid big bucks to researc

It's only fraud if it is fraudulent not to tell ACA that some no-name hedge fund is on the other side of their trade. The ACA guys got paid big bucks to research their investments, not to make guesses based on how scary their counterparties were. It would be like a professional baseball team whose entire model for winning was that they'd only play games against Little League teams, but they'd sue the other team if they turned out to be good.