The $700 Million Mystery

It was one of the biggest disasters in the history of Wall Street. David J. Askin's $700 million array of mortgage-backed derivative funds crumbled in March, 1994, dragging down an illustrious roster of investors and triggering a collapse in the market for collateralized mortgage obligations (CMOs). Askin's funds are long dead, but the legal morass continues to this day--and some crucial questions remain unanswered:

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