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SEC head calls for transparency on credit default swap
Reuters on Yahoo ^
| 10/18/08
| Chris Michaud
Posted on 10/18/2008 9:13:28 PM PDT by NormsRevenge
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To: NormsRevenge
2
posted on
10/18/2008 9:16:20 PM PDT
by
Porterville
(Grammar Nazis- Hands off my mistakes!!!)
To: NormsRevenge
Almost all CDS transactions already go through a private clearing house.
3
posted on
10/18/2008 9:19:04 PM PDT
by
Moonman62
(The issue of whether cheap labor makes America great should have been settled by the Civil War.)
To: NormsRevenge
aig management knew that all of those credit default swaps
in their london office were not properly covered.
4
posted on
10/18/2008 9:24:47 PM PDT
by
ken21
(people die and you never hear from them again.)
To: NormsRevenge
5
posted on
10/18/2008 9:39:07 PM PDT
by
TenthAmendmentChampion
(Lord please bless our nation with John McCain as president and Sarah Palin as Vice President! Amen.)
To: rabscuttle385
6
posted on
10/18/2008 9:39:37 PM PDT
by
TenthAmendmentChampion
(Lord please bless our nation with John McCain as president and Sarah Palin as Vice President! Amen.)
To: NormsRevenge
The supremacy of finance capital over all other forms of capital means the predominance of the rentier and of the financial oligarchy; it means that a small number of financially powerful states stand out among all the rest. The extent to which this process is going on may be judged from the statistics on emissions, i.e., the issue of all kinds of securities. - Vladimir Illych Lenin
7
posted on
10/18/2008 9:40:28 PM PDT
by
PGalt
To: NormsRevenge
I wish they had done this before they passed the 800 billion dollar bailout, and then spent more billions buying up bank stock.
If the firms that are on the hook for big CDS payouts were identified, then the financially viable firms would be able to borrow at low spreads and the CDS zombies could be put into chapter 7 where they belong.
In my book, this is years overdue.
8
posted on
10/18/2008 9:41:33 PM PDT
by
Reverend Wright
(Zerobama: leave no America-hating B*st*rd behind.)
To: PAR35; TigerLikesRooster; bamahead; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; ...
Good work, SEC, closing the door after the horses have left. |
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To: ex-Texan
To: NormsRevenge
Day late and a dollar short.
To: NormsRevenge
“SEC Chairman Christopher Cox has called on Congress to pass legislation that would make so-called credit default swaps more transparent”
Of more concern to me would be transparent Carbon Market swaps and purchases. Let's see not just who is buying and selling but their back grounds.
12
posted on
10/18/2008 10:25:14 PM PDT
by
JSteff
( It is ALL about SCOTUS, forget the name of the candidates and vote on that!)
To: Son House
the $55 trillion credit defaults market
what you talkin’ bout Willis?
13
posted on
10/18/2008 10:27:55 PM PDT
by
Son House
( It takes a Woman)
To: NormsRevenge
Cox noted that the $55 trillion credit defaults market is more than the GNP of all the world's nations combinedI think we have a problem Skipper.
14
posted on
10/18/2008 10:30:11 PM PDT
by
eyedigress
( My first 4 wheeler was on the rocks in Fairbanks)
To: NormsRevenge
Everyone keep in mind these monies are maturity and don’t realise actual debt. The amount would be half whats actual.
15
posted on
10/18/2008 10:35:40 PM PDT
by
eyedigress
( My first 4 wheeler was on the rocks in Fairbanks)
To: eyedigress
The “net” notional is even less than that.
Suppose you buy $10mm of CDS, then sell $10mm of CDS on the same company. Since these are two, separate contracts, with slightly different terms, your “total notional” of CDS is $20mm, even though your risk is close to zero.
Unless, of course, your trades are with two different banks, and one of them goes under. Then your risk isn’t so close to zero.
16
posted on
10/18/2008 11:07:04 PM PDT
by
boomstick
(It is not enough to succeed. Others must fail. -- Gore Vidal)
To: boomstick
Thanks for your input.
I had an entire paragraph written on this and dis-mantled it. All of the securities that are bundled and sold need to have over-sight over a certain limit. Selling AAA to Europe and then folding is fraud. Greed on rates sold this market and we will pay the price.
17
posted on
10/18/2008 11:39:38 PM PDT
by
eyedigress
( My first 4 wheeler was on the rocks in Fairbanks)
To: eyedigress; boomstick; Reverend Wright; TenthAmendmentChampion; ken21; Moonman62; NormsRevenge; ...
Question=> How are the mortgages related to “credit default swaps”?
.
“All investors ... are paying a price today for the lack of oversight” of credit default swaps, which Cox describes as being “like insurance contracts on bonds and any other assets that are meant to pay off if those assets default,” he stated.
18
posted on
10/19/2008 5:14:44 AM PDT
by
Son House
("At Least In Europe, The Socialist Leaders Are Upfront About Their Objectives")
To: NormsRevenge
I don’t know. Sounds anti-business to me.
19
posted on
10/19/2008 9:10:40 AM PDT
by
Wolfie
To: NormsRevenge
SEC Chairman Christopher Cox has called on Congress
to pass legislation that would make so-called credit default swaps
more transparent,...
Lotsa luck there. As Einstein (supposedly) said:
You can't expect the people that caused the problem
to fix the problem!
We know why Cox is in government...for job security no matter
the scale of the disaster.
Cox may have not been the proximate cause of the disaster.
But he's one of the crowd that sat on the sidelines with their
Ivy League J.D.s and/or MBA degrees...and let it happen.
20
posted on
10/19/2008 9:16:24 AM PDT
by
VOA
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