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Throughout the course of the financial crisis certain charged terms have been used again and again to denote the problematic areas of the markets, especially the credit markets. Commentators are especially keen to identify those shadowy areas of the system where the most esoteric structures were put together by the fabled ‘rocket scientists'. But in their understandable enthusiasm to harry the authors of structured credit's worst excesses, many observers have unfairly lumped every failed model o

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