Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
The CDS market is largely custom, over the counter, non-public arrangements -- very opaque. Giethner, as US Sec. Treas. might have, or might have been given a heads up by Goldman or JPM about possible CDS blow-up if European banks holding bonds are given a haircut. Just speculation, but it seems plausible that he cares a whole lot less about 8 million Irish than about one TBTF.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue May 10th, 2011 at 01:02:38 AM EST
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