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Paddy Hirsch untangles Credit Default Swaps

submitted by wagdog
1 decade 6 years 3 weeks ago

Paddy Hirsch of Marketpace Radio (http://marketplace.publicradio.org/) explains what Credit Default Swaps are on his whiteboard. These derivatives are what is dragging down the banking industry and their toxic payload were triggered when Lehman Brothers went bankrupt. It was estimated there there may be as much as US$62 trillion worth of CDS contracts polluting the financial system, but in truth since the CDS market is completely opaque and unregulated, no one really knows.