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."