Warren Buffett once famously described credit default swaps as "financial weapons of mass destruction." Now these complex insurance policies are once again posing a menace to America's too-big-to-fail banks. The last time around, CDS on U.S. subprime mortgage bonds nearly brought down insurer AIG (AIG), requiring an $85 billion bailout from the U.S. Treasury. This time, the problem is European ...
Ticking time bomb: Credit default swaps
Posted by mortgage 139 days ago (Editorial)
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