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Opinion
Matt Levine

Caesars and the $450 Million 'And'

The entire edifice of modern financial capitalism is built on 100-page documents drafted by exhausted 26-year-olds and read by nobody.

Obviously my favorite financial news story so far this week is The Tale of the $450 Million 'And.' This is the story of Caesars Entertainment, which last week announced a series of transactions that had the effect of removing its guarantee of some of its Caesars Entertainment Operating Co. subsidiary's $18 billion of debt. This was bad for that debt: