Drexel Burnham Lambert Inc.

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CDO Managers Raising Distressed Mortgage Funds: Report

Jul 02, 2008By

There really isn’t anything quite like Wall Street, where second and third chances often abound for money managers that have seen prior investments fail — and often in spectacularly blinding ways. The latest proof of this hidden rule comes courtesy of various CDO managers, whose former investment vehicles imploded along with the private-party mortgage boom that they helped fuel; many such managers are now behind distressed mortgage funds that will look to clean up the mess they helped create, according to a published report Wednesday.