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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Skeeter Bug who wrote (101582)2/23/2009 1:09:52 AM
From: The Reaper1 Recommendation  Read Replies (1) | Respond to of 110194
 
Skeet, I think a lot of that huge number of CDS's are CDS writers going out and buying the same CDS to reinsure themselves over and over and over again. IMO the $50 trillion number is greatly inflated when it comes right down to the actual bonds that are covered. When these things settle it'll be a big circle jerk paying each other off.



To: Skeeter Bug who wrote (101582)2/23/2009 9:46:21 AM
From: bart132 Recommendations  Read Replies (1) | Respond to of 110194
 
Part of it is that we're dealing with crooks, just like the ones who did naked shorting even though its illegal.

Another part is the extremely poor record keeping - someone thought they had or have a counter party, but in reality one isn't there (LEH being gone is one rough example).


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