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Count Bridgewater Out Of PPIP

Ray Dalio took a week and change to mull over getting in on the gov's plan but has apparently decided to say thanks but no thanks to T. Geith. The Postreports that Bridgewater sent a note to investors yesterday entitled "Why We Decided Against Buying in the PPIP and Why We Doubt That It Will be Broadly Subscribed," opining that the "numbers just don't add up...when it comes to PIPP's legacy-securities program." RD cited insufficient leverage (for his taste), and discomfort with possible collusion on behalf of the limited group of managers getting involved "because they all know each other." Plus, the whole notion of "politicians complaining and focusing on the five winners to see how they 'abused' the system" apparently doesn't sit well with the Dalster.
Earlier: What If No One Came?