>>60965961
So apparently 2008 is repeating itself again, but this time with sub-prime auto loans?
Last week Tricolor Holdings, filed for Chapter 7 bankruptcy, tanked their bonds from fraud to about 12 cents per bond because they were commiting fraud by using duplicate portfolios with illegals with no money. Then doing the classic move of asset-backed securities with the loans they took from them.
When checking, rating agencies are slapping AAA ratings on junk bonds again.
We are looking at a total exposure of $20B, boys.
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