The Shape of things to come

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CDOs are big business. The number of managers has soared in the past five years. Bankers are fleeing Wall Street to start their own CDO boutiques. And now, there's a publicly traded company that wants to replicate the commercial banking model using CDOs. Its name is Tetragon Financial Group.

Tetragon is the two-year-old CDO arm of Polygon Investment Partners, a $9 billion London-based hedge fund. Incorporated in Guernsey and listed on the Euronext in Amsterdam, Tetragon is headquartered in br

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