Posted AT 1:03 AM EST on 12/07/08
Financial Facelift: Woman struggles with ABCP
In British Columbia, a woman we'll call Philippa has had most of her life savings locked up in frozen asset-backed commercial paper. About $122,500 of her cash and $134,400 of her registered retirement savings plan were put into these supposedly safe IOUs. They came with high credit ratings and were backed with supposedly solid assets.
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