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3) How risky are BBB-tranches in the first layer of securitization? 4) How risky are super-senior tranches in the second layer? Should one view a

3) How risky are BBB-tranches in the first layer of securitization?

4) How risky are super-senior tranches in the second layer? Should one view a super-senior tranche as safer than an AAA-rated corporate bond?

5) Is it possible that AIG could experience big losses on its super-senior CDS positions? Are collateral calls justified?

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