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‘It Wasn’t Up to Me’: Excerpts From Ken Lewis’s Testimony
“does not feel it’s in your best interest for you to call a MAC, and that we feel strongly,”
MAC = Material Adverse Change
http://online.wsj.com/article/SB124050112892948367.html
It has all the flavor of a Soviet era KGB job. This testimony is evidence that our monetary system is now running on fumes. I pity the folks holding our long term bonds, both public and private.