TheStreet.com suggests that Michael Nierenberg, who has been hired by Merrill Lynch to head up global mortgages and securitized products, could command up to $10 million in pay. Hedge fund D.E. Shaw made a big name hire as well, adding Richard McKinney from Lehman Brothers to buy asset backed securities. So it looks like a range of players are very serious about laying some massive bets on mortgage-related securities, for themselves or for clients. You've got a lot of funds that think there's significant value in these beat-up securities. At the same time, hedging products and services will likely play a significant role in the business. It all adds up to business.
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