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Who does the trade face? Snapped Head of Global Business.

One of a bunch. Said Jerry. All facing one counterparty.

Do they know yet? Asked HGB.

Nope. We sold them credit protection for a handsome upfront one-time. Traders cashed out day one. Financials of underlying were rock solid. All agencies assigned it AAA. How were we to know? Jerry whispered. As if he expected counterparty moles to emerge from the trading floor.

Work the agencies. We have new issuances to be rated. Plums. Rasped HGB. He wasn’t whispering.

Amidst a sea of phones, Jerry reached for his personal handheld.

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