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GSO's Bennett Goodman builds US$95b debt engine

Junk finance firms like his lend money directly to often risky companies

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At GSO, Mr Goodman (above) is prepared to own a business through bankruptcy and sell later if needed. He weighs up a company's sources of liquidity, the value of its assets, who might buy them and at what price.

New York

BACK in the Dark Ages of Wall Street, when Dow 1,000 was heady stuff, a small company from Texas did something extraordinary. It sold new junk bonds. That was 40 years ago, and few could have predicted what would follow: the junk-finance revolution, the '80s merger mania, the

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