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March 17, 2009



Actually, there really isn't any credit work (upon further review). If you've got they money (and you're american), that's good enough


oops on the credit work! Thanks KM.

Kevin Merrick

Eric, as for the defaults and severity, the TALF is supposed to be for "new" securitizations, which should have been underwritten with stricter standards...
And the indiv dealers are supposed to do the credit work on hedge funds before they sign the client agreement that needs to be in place before you get any TALF money

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