Monday, December 15, 2008

Credit Default Swaps or Cold Barker's Eggs

Kate Jennings, Australian ex-pat and author of Moral Hazard and the latest Quarterly Essay, appeared on ABC Radio's Counterpoint show last week to give some insight into the GFC -- Global Financial Crises -- and those WMD also known as financial derivatives. Obviously with her ear to the ground still in Wall Street circles Jennings reported that CDS -- credit default swaps -- are also known, colloquially, as cold dog shit.

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