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When the U.S. stock market crash became public knowledge in the fall of 2008, it was already old news. The real crash, the silent crash, had taken place over the previous year in bizarre feeder markets where the sun doesn't shine and the SEC doesn't bother to tread: bond and real estate derivative markets where geeks invent securities to profit from the misery of those who can't pay their debts. The crucial question is: Who got it right? Who saw it coming, and made billions?
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