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Mascoutah, Illinois | If you took all of the money in the world and multiplied it by the number of 10, you would have the amount of CDO's and CDS's trading today. If that doesn't scare you, you have "steel kahonas."
If would like to put into context just what was going on in the day before the meltdown, plug these numbers in. Let's say your farming operation is worth 2 million dollars if you could liquidate everything. Imagine going to bank after bank with books which were "cooked" and being able to obtain $60-$120 million dollars. This was the amount of leverage these folks were taking on with "shady" accounting practices (30-60 times). I don't understand how these CEO's allowed this to happen?
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60 Minutes breaks the story of the decade.
