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Cassandras in these companies were ignored,
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corrupt, but because they didn't believe the warnings. Joe Cassano,
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the possibility of multiple, massive collateral calls,
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Merrill's head, had no idea that his firm had accumulated fatal levels of subprime exposure
because he had pushed aside the people who might have warned him. Goldman Sachs was
spared the fate of those companies largely because its managers listened to its naysayers.
Much of the history that Bethany McLean and Joe Nocera recount has already appeared in news
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