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11 voters
Bonds
“
Normally, .
when the bank launched, say, a million pounds' worth of bonds, it agreed to buy any unsold bonds itself, thereby guaranteeing that the borrower would receive the full million. In return for that guarantee, the bank took a fat percentage. The alternative method was to offer the bonds for sale with no guarantee. The bank took no risk and received a much lower percentage, but if only ten thousand of the million bonds were sold, the borrower would get only ten thousand pounds. The risk
...more
”
― A Dangerous Fortune
― A Dangerous Fortune
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