The Secret CDO

Cover Story

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Partha Dasgupta, chief investment officer of the Pension Protection Fund (PPF), has a secret. The PPF, set up to safeguard the defined benefit pension schemes of insolvent UK employers, is at heart a giant synthetic collateralised debt obligation (CDO). This analysis might alarm most of the 12,000-odd companies covered by the PPF, for whom the concept of even treating a deficit as a financial liability is still a novelty.

"That's not how we'll articulate it to the pension world" Dasgupta conc

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