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Which is why no bank dabbling in Credit Default Swaps has gone bust over the past 2 years. Well-known fact, too.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Thu Oct 8th, 2009 at 02:41:31 AM EST
[ Parent ]
If you don't take the risk, how can you go bust?

"The future is already here -- it's just not very evenly distributed" William Gibson
by ChrisCook (cojockathotmaildotcom) on Thu Oct 8th, 2009 at 03:44:16 AM EST
[ Parent ]
For-profit service providers have a conflict of interest.

Public authorities can also go bust, and central banks occasionally do, but at least there are some procedures in place to detect and punish conflicts of interest, and an expectation of transparency which cannot be deflected by appeals to trade secrets or business practices.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Thu Oct 8th, 2009 at 05:25:35 AM EST
[ Parent ]
Migeru:
For-profit service providers have a conflict of interest.

You're telling me!

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Thu Oct 8th, 2009 at 05:44:57 AM EST
[ Parent ]

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