Relevant:
2008-12-10 — blogspot.com
"Goldman Sachs Group Inc., one of the top five U.S. municipal bond underwriters, is angering politicians and public-finance officials in New Jersey, Wisconsin, California and Florida by recommending that investors purchase credit-default swaps to bet against 11 states’ debt"
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tvsterling at 09:18 2008-12-11 said:
Why not declare all Credit Default Swaps illegal contracts worldwide & null & void. When invented the lobbyists pushed thru a special exemption against considering them Gaming Contracts. Nobody knows who or what they are, nobody can possibly pay, they are the sword of Damocles hanging over all our heads. I have no idea about the impact of such a move but surely these contracts are tainted enough to justify just ridding ourselves of them. I am sure the financial fallout would be great but allowing them to stand unchallenged until they bring down everything would be the greater evil. Now all governments are united & desperate enough to do it. If they can only find the guts before it's too late. All the bold moves so far have been of extreme risk to the average citizen with no real inconvenience to the rich & powerful. It's time for the Limolizards to get their backs into saving the world. At the very least found an exchange (a TIGHTLY REGULATED exchange) & give the parties 30 days to register them, then bye bye. Permalinkadd a comment | go to forum thread
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