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Top Witness for the S.E.C. Turns Testy on the Stand

NYT – Paolo Pellegrini has been lauded as an architect of one of the biggest hedge fund victories in recent memory: Paulson & Company’s audacious bet against subprime home loans in 2007.

But in a Manhattan federal courtroom on Tuesday, Mr. Pellegrini professed not to know what one of the basic acronyms of the industry meant.

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