Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: portage who wrote (94126)	4/14/2001 1:43:04 PM
From: patron_anejo_por_favor	Read Replies (1) of 436258

Portage...nice point in the comments in that article about counterparty risk in derivatives: We tend to agree with Martin Mayer, who said, "Derivatives markets guarantee a winner for every loser, but they will over time concentrate the losses in vulnerable sectors. Nature obeys Mayer's Third Law, which holds that risk-shifting instruments will tend to shift risks onto those less able to bear them, because them as got want to keep and hedge while them as ainít got want to get and speculate. Very true. The derivative situation is much like a big casino in Vegas laying off gaming losses to a local loan shark...the loan shark collects the primo and looks like he's winning big untill some whale comes in and rakes off 10 Million from the casino in baccarat in one night. Then casino goes to collect the insurance, and.....OOPS! Loan shark's flown to Argentina! It will end badly for sure....

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