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They haven't realised them until the bonds are either sold or defaulted on.

But yes, realising a 50 % haircut will be more painful for people who have not booked it already.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Apr 15th, 2011 at 06:19:53 AM EST
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