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The partnership that turned golden

Managers that joined up with the U.S. government in the much-maligned PPIP plan have been rewarded for their efforts.

By Neil O’Hara When the U.S. government first announced its plan to partner with the private sector to help banks sell their underwater mortgage-backed securities, most hedge funds shied away. Bridgewater Associates, in one notable example, said there wasn’t enough leverage from the government and too much in the assets.

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