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And the Money Kept Rolling In (and Out) Wall Street, the IMF, and the Bankrupting of Argentina by Paul Blustein

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[ CHAPTER 4 ]
Enronization
DESMOND LACHMAN was older than most of his counterparts at major Wall Street firms. Born in South Africa in 1948, Lachman, who was chief emerging-market economic strategist at Salomon Smith Barney, had a background at the IMF rather than on the Street. (In the late 1980s, he was responsible for Argentina as chief of the IMF’s River Plate division, which also included Uruguay and Paraguay.) Reserved in manner but strong in his convictions, Lachman also distinguished himself from other analysts in another important respect: Long before Argentina’s collapse, and long before his competitors at other firms, Lachman foresaw that the country’s economy was bound to hit the wall one way or another. Many people in the emerging-markets ...

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