Death by CDO

Synthetic credit

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Bank Thai, born in the aftermath of the 1997/1998 Asian financial crisis, struggled to compete in the economic and political turmoil of modern Bangkok. Despite government initiatives to strengthen its balance sheet, the lender remained one of the smallest commercial banks, with shareholders' funds of 7.75 billion baht ($231 million) and total assets of 224 billion baht. In an attempt to boost earnings, Bank Thai invested in a variety of structured credit instruments, a strategy that would ultima

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