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Mugs' game

16 April 2010 By Hugo Dixon

ABN Amro, and ultimately RBS, lost $841 mln in the allegedly fraudulent CDO investment concocted by Goldman. Bust German lender IKB lost $150 mln. These European banks may be mugs. But the Dutch, UK and German states, which bailed them out, will be livid if the case is proved.

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