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  • Credit Default Swaps: The Clock is Ticking [View article]
    The credit default swaps of a single large bank in Philadelphia nearly crashed the financial system a few years ago. These puppies trade in ledger books, not organized exchanges so they must be cleared one by one. Synthetic versions abound so the orginal owner doesn't know who will pay now that it has been bundled with others and sold. Hedge funds like them because of the large up front premium and future or possibly never any payout.
    Dec 24 23:12 pm |Rating: 0 0 |Link to Comment
  • ACA Financial: Closure Would Lead to Billions in Writedowns [View article]
    ACA is dead meat. Who in their right mind would buy insurance from this bankrupt? Once the insured toxic waste files its claims the insurers will shut their doors and phones. Bear Sterns showed them the way with their offshore hedge funds.
    Dec 24 23:00 pm |Rating: 0 0 |Link to Comment
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