MoneyWatch (CBS News)
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Carlyle Group's mortgage bond fund has defaulted on US$16.6 billion of debt.
This happened after its banks called in margins of more than US$400 million. The latest credit crunch shock drove Wall St lower and slammed the US dollar to new lows.
That meant the New Zealand dollar rose close to post float highs overnight. It was at 81.8 US cents in early trade.
ofInterestNZ 4 years ago