Ahhh....but did BlackRock, through a series of offshore vehicles, purchase naked swaps [uncovered credit default swaps] against those losses [also known as credit events] and thereby actually profit? [FYI: President Obama's latest appointment to head HHS was director at MetLife when they became an overnight bank holding company.]
This is a fine book but oh how I wish it had an index and an appendix describing the key players. I finished reading the entire book before understanding much of what was going on. On the other hand it reads like a thriller. I could not put it down.
In 2014, The Stranger newspaper ran several stories, written by Marti Jonjak, which was basically the same as this book, wherein private equity firms and their subset, the property management firms, purchased her building, except that took place on a smaller financial level. Same situation, though. Instead of Pacific Living Properties, in this book it was BlackRock and Tishman Speyer (MetLife as an investor). The better question? Then why was BlackRock put in charge of overseeing those TARP bailout funds? Why was the insurance company, MetLife, allowed to become a bank holding company just to collect on those TARP bailout funds? The Big Question: did BlackRock, through a series of offshore vehicles, purchase a number of naked swaps and therefore profit from that gigantic loss?
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