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Strategies & Market Trends : Grant's Interest Rate Observer

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To: zebra4o1 who wrote (43)	10/6/2008 2:09:10 AM
From: AuBug	Read Replies (1) of 62

Jim Grant was really impressive on 60 Minutes tonight calling the pondscum that caused the meltdown criminals. Another guy explained that the swaps are actually an insurance policy but federal law excludes them from insurance regulation and so they did not have to have the collateral to be able to pay if the policy came due. He said it was the mortgages that are the problem it's all trillions in side bets they made.

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