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"More than 2,000 banks, hedge funds and asset managers trading credit-default swaps agreed to a “Big Bang Protocol” this month that aims to boost transparency in the $38.6 trillion market for contracts. The protocol changes the way the swaps, used to protect bond investors from defaults and to speculate on changes in credit quality, are traded to make it easier to move them through a clearinghouse.
“It’s only in a tough crisis like this that you go back to the very simple notion that we’re all stakeholders in a market,” Axa’s Juillard said. “We have to behave as such, instead of trying to squeeze the extra fees.”
Are you kiddng me? The game will begin anew with bankers looking for new products to lever. Myron Scholes is still running a hedge fund and Michael Milken I saw recently, is still one of the 300 richest people in the world. What lessons have they learned? That it's worth going to jail for a few years or blowing up the entire market to make yourself super rich?
"More than 2,000 banks, hedge funds and asset managers trading credit-default swaps agreed to a “Big Bang Protocol” this month that aims to boost transparency in the $38.6 trillion market for contracts. The protocol changes the way the swaps, used to protect bond investors from defaults and to speculate on changes in credit quality, are traded to make it easier to move them through a clearinghouse.
“It’s only in a tough crisis like this that you go back to the very simple notion that we’re all stakeholders in a market,” Axa’s Juillard said. “We have to behave as such, instead of trying to squeeze the extra fees.”
Are you kiddng me? The game will begin anew with bankers looking for new products to lever. Myron Scholes is still running a hedge fund and Michael Milken I saw recently, is still one of the 300 richest people in the world. What lessons have they learned? That it's worth going to jail for a few years or blowing up the entire market to make yourself super rich?