One has to suspect that whomever had the losing side (a) had the money, and (b) had reason not to complain.
Perhaps the loser was us.
See MISH'S Global Economic Trend Analysis: Big Non-Event In Fannie, Freddie Credit Default Swaps for further explanations of what's going on here, and why it might blow over so quietly.
Who Lost?
Taxpayers
Small Banks holding F&F preferreds
Investors holding F&F common or preferreds
Who Won?
Thirteen "major" dealers of credit-default swaps.
PIMCO
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