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Goldman's Biggest Sucker

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Joshua Green looks at IKB, the German state-owned bank that got suckered in the Goldman Sachs CDO, and wonders why the Germans seem to make such lousy investors. In Michael Lewis's book The Big Short, a source wondered how Deutsche Bank found investors to take the opposite side of Paulson and the shorts: "Whenever we'd ask [Lippman] who was buying this crap, he always just said, 'Düsseldorf.'" It didn't matter whether Düsseldorf was buying actual cash subprime mortgage bonds or selling credit default swaps on those same mortgage bonds, as they amounted to one and the same thing: the long side of the bet.
SOURCE:   The Atlantic