When the smartest guys in the room designed their credit default swaps, they forgot to ask one thing - what if the parties on the other side of the bet don't have the money to pay up? Credit default swaps (CDS) are insurance-like contracts that are sold as protection against default on loans, but CDS are not ordinary insurance. |
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Erik Larson, Human Being and concerned Citizen. I only advocate and practice non-violent methods of social and political activism & change.
Disclaimer: Opinions expressed here by me in my articles and diaries are my own. I do my best to only (
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