Bloomberg – Greg Lippmann, who gained fame for his bets against subprime mortgage securities, brokered wagers against the bonds to at least 50 hedge funds during 2006 and 2007, the formerDeutsche Bank AG trader told the Financial Crisis Inquiry Commission.
The trades, made through credit-default swaps on low-rated securities that would pay off if the debt defaulted, may have been placed by as many as 100 funds, the panel wrote in a 545- page book outlining its conclusions set for release today.
