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Please tell me which customers you are talking about? Is it the hedge funds who bought billions of CDOs but says they didn't understand what they were? Are they

• worik 5y ago
  The banks they sold them to. And yes, the hedge funds. They misrepresented these products. The learnt that the ratings agencies had made a mess of the rating too late, they were on the books. So they sold them as fast as they could, lying to the customers. It does not matter if the customer was a hedge fund, a bank, or you. Lying about financial products is a crime.
  • rr808 5y ago
    They didn't lie they passed on the documents that were signed by the borrowers.
    • worik 5y ago
      They lied. They also passed on the documents that were signed by borrowers, who were also lying.