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HomeThe ISDA Emperor Also Has No Clothes
Posted by Larry Doyle on March 2nd, 2012 7:42 AM |
Writing down sovereign debt by over 50% and subordinating one class of bondholders from another –those being the royalty ensconced within the European Central Bank — would not qualify as a “credit” event, now would it? No way! Of course not! Why would it?!
Not when those compelled to pay out on the supposed “insurance” within derivative contracts are the royalty within other large international banks, and they sit in the positions of judge, jury, and counterparty in the case.
Welcome to the world of international finance circa 2012. (more…)
