Editor’s letter

editor

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When I started at Credit magazine in December 2001 – roughly one month after Enron collapsed – credit was a fairly simple affair: I’ve leant you money and I’d like it back. You basically looked at whether a company could pay you back, whether it would pay you back, and if it didn’t pay you back how much you could get back.

But around the same time, the market was beginning to become animated by credit default swaps and collateralised debt obligations. At the time these products were still ex

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