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Fixing Wall Street: Abolish Credit Default Swaps
Banks "hedging counterparty risk" is a polite way of saying lay off the risk on some greater fool. Banks get paid to assess risk and allocate capital accordingly. If their game is originate and then distribute, the incentive for carefully evaluating risk is gone. The banking system was a much more and less calamity-prone servant of the real economy back when banks retained risks.
Nov 2 12:45 PM
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