It applies to both quotes. Zero Hedge quotes Mike Whitney's article, and within that Mike Whitney quotes Businessweek. The quotation from Businessweek is the

It applies to both quotes. Zero Hedge quotes Mike Whitney's article, and within that Mike Whitney quotes Businessweek. The quotation from Businessweek is the portion in quotation marks: “synthetic financing to reduce the up-front capital required if they agree to form a joint venture with Fannie Mae and share proceeds from the rental or sale of properties" It's from the same Businessweek article, "Colony Capital wins foreclosed homes in Fannie Mae auction". Mike Whitney attributes it only by title on his site, but Zero Hedge added a Telegram.com link to the syndicated article. It looks like Zero Hedge actually took an extra step to verify the Businessweek quotes in this case.