Tuesday, September 30, 2008
This is just incredible
The $55 trillion question
The financial crisis has put a spotlight on the obscure world of credit default swaps - which trade in a vast, unregulated market that most people haven't heard of and even fewer understand. Will this be the next disaster?
Posted by mark @ 11:15 AM (609 views)
One thought on “This is just incredible”
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iguana says:
It will all be ok in the end………….as each financial institution fails and is taken over by the few, eventually the one, remaining player it will turn out that the provider of the dodgy loan has now repurchased the CDO by which they had disposed of it. It will also turn out that they have also purchased the default swap by which the CDO was secured. Hey presto, the failed loan that is now worth nothing, the CDO that is worth nothing, and the default swap worth nothing are all owned by the same institution…………….this means that…..errr……ummm………