Banks Told to Keep Skin in Game. They Securitized That Too

  • Bond-retention rule left Wall Street with a big exception
  • Bankers find investors to hold risk instead of retaining it
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Few would argue with the stated mission of The Academy Group: to educate, mentor and find jobs for underprivileged youth.

But along the way, the Chicago non-profit is also doing something a bit less lofty -- helping Wall Street sell collateralized loan obligations, a cousin of those complex debt instruments that went horribly wrong during the 2008 financial crisis.