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Greek Financial Farce: proves Bankers word is like Bankers paper...Worthless

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[QUOTE=coalition;465484][LEFT][COLOR=#000000][FONT=Georgia]CDS are over-the-counter instruments governed by contracts signed by parties involved, they constitute what could be called a private market. Thus, while it may appear ridiculous to some that what is clearly a default isnít being considered one, it is in the ISDAís full right to do that. As an ISDA spokesman told me, if you donít like it, donít buy CDS.[/FONT][/COLOR][COLOR=#000000][FONT=Georgia]

Credit events, or defaults, are determined by a 15-person committee upon receipt of a question regarding a specific contract, in this case, relating to two different series of Greek sovereign bonds. Itís important to note that the committee is made up by major [/FONT][/COLOR][/LEFT]
[URL="http://www.forbes.com/wall-street/"]Wall Street[/URL][LEFT][COLOR=#000000][FONT=Georgia] names including Goldman Sachs,[/FONT][/COLOR][/LEFT]
[URL="http://www.forbes.com/companies/jpmorgan-chase/"]JPMorgan Chase[/URL][LEFT][COLOR=#000000][FONT=Georgia], and [/FONT][/COLOR][/LEFT]
[URL="http://www.forbes.com/companies/morgan-stanley/"]Morgan Stanley[/URL][LEFT][COLOR=#000000][FONT=Georgia], along with big European names like [/FONT][/COLOR][/LEFT]
[URL="http://www.forbes.com/companies/barclays/"]Barclays[/URL][LEFT][COLOR=#000000][FONT=Georgia], [/FONT][/COLOR][/LEFT]
[URL="http://www.forbes.com/companies/bnp-paribas/"]BNP Paribas[/URL][LEFT][COLOR=#000000][FONT=Georgia], Societe Generale, Deutsche Bank, and asset managers/hedge funds like D.E. Shaw, Citadel, and PIMCO.

Although a 74% haircut on Bonds is a Default, it is not a Default which triggers the Insurance payments....not with a potential 20 $Trillion payout looming. The Bankster crooks have screwed the financial world , yet again.

This Bankster Empire is still wearing no clothes, likely because the pockets would be empty. We are still allowing Bankrupt Banks to continue trading...surely there is some Legal organisation or Supreme Court, which has a smidgen of belief in Justice.

[/FONT][/COLOR][URL]http://www.forbes.com/sites/afontevecchia/2012/03/01/hypocrites-cds-insured-greek-bondholders-wont-get-paid/[/URL][/LEFT]
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