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Reinventing the corporate bond

Financial engineer John McQuown is proposing to create a liquid, default-free bond-like security.

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JOHN "Mac" McQuown yanks on a chain and hoists open a metal roll-up door with a clang. In a flowery aloha shirt, shorts and sandals, he looks like a retiree with little more on his mind than sipping a mai tai by the pool. But Mr McQuown is actually one of the architects of the modern investing