Credit Default Swaps
If any of you guys missed 60 MInutes last night, there was a great story about how we go into this financial crisis. I highly recommend that you check it out. I don’t see why the CEOs of the companies that devised and promoted (colluded) credit default swaps haven’t been arrested for fraud or possibly even under the RICO ACT? Simply put, credit default swaps are a kind of investment insurance, but since the insurance industry is regulated they called them “swaps” to circumvent regulation. A rose by any other name… If someone kills somebody and describes it as “cleaning” they don’t get off free and clear and neither should these dumbasses. It is what it is.