Great article, yet again Alan Greenspan asleep while on watch-
'In general, the CDS is basically a Wall St vehicle used to manipulate loopholes in accounting and legal regulations in order to move and hide losses, to record future profits today, to manipulate, realize and increase reported earnings in today's financial statements to receive in advance bonuses from future years now, with the help of their accomplices: both bond insurers and rating agencies.
At the same time, it is the same old game of phantom earning, quick profit, rip-off, manipulation, distortion and cover-up, played at Wall St since its very inception, only this time it is greatly exacerbated by the financial deregulation enacted during the Greenspan era.'
Greenspan asleep at the wheel again.
Ron |
