If a sub-prime CDO has a AAA rating then it must be high quality. That’s what investors thought a few years back and we all know how that turned out. How about if a market maker in a stock has “obligations”, then they must be making a tight market during most of the day, right? No, not exactly. Many exchanges and market makers would like you to believe they have obligations but just like the AAA rated sub prime CDO, you have to really investigate what
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