``We now see tales emerging of who were the bagholders on the Argentina CDS, as in who were the "protection sellers". Although the deal structure was different, the general pattern is the same: use a complex credit instrument to shift risk onto naive buyers. FT Alphaville yesterday described one victim, a sole investor in a credit-linked notes deal that provided a premium yield in return for taking on Argentine default risk. The result was that the investment has taken 51% losses. Today, the press seems to have identified the victim: Brazilian postal workers ...''

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