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All of Wall Street may come to rue the day Bear Stearns(BSC Quote) sold $16 million in collateralized debt obligations to Hudson United Bank(HU Quote).
The sale prompted a complaint to New York Attorney General Eliot Spitzer from Hudson United, which believes Bear Stearns gave it bad prices on the sophisticated bonds. Now Spitzer's office is contemplating taking a broader look at the market for these fast-growing derivative investments.
Bear Stearns disclosed in a regulatory filing last month that Spitzer's office sent it a subpoena seeking information about the transaction. The firm didn't provide any details or identify the customer that bought the CDOs. ...
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