Bo Peng

Annihilate the Perverse Effect of CDS on Bondholders

George, I don't think the orderly unwinding of LTCM is the source of the problem. The problem is that Wall St learned from that lesson and lobbied hard for the bankruptcy code reform of 2005. They got their wishes, and became the wolves that devoured Bear, Lehman, and Merrill, and then went on life support themselves. You could almost call it poetic justice if the consequences weren't so dire and widespread.