{"id":195057,"date":"2008-07-31T18:13:00","date_gmt":"2008-07-31T23:13:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/07\/31\/the-banks-are-pulling-a-fast-one-here\/"},"modified":"2008-07-31T18:13:00","modified_gmt":"2008-07-31T23:13:00","slug":"the-banks-are-pulling-a-fast-one-here","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/07\/31\/the-banks-are-pulling-a-fast-one-here\/","title":{"rendered":"The Banks are Pulling a Fast One Here"},"content":{"rendered":"<p>I&#8217;m just not sure what.<\/p>\n<p>I&#8217;m checking the Bloomberg financial news, and I come across this story, all of two paragraphs, about <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=a.66zDrlc08c&amp;refer=home\">conducting all the trades for credit default swaps through a clearinghouse of some kind<\/a>.<\/p>\n<p>Some of the names that planning to do this are, &#8220;JPMorgan Chase &#038; Co., Deutsche Bank AG and Morgan Stanley,&#8221; and the article further goes on to state that, &#8220;The clearinghouse would be designed to absorb losses in the event a major market-maker fails.&#8221;<\/p>\n<p>Considering the value of the CDS market, which is <span style=\"font-weight:bold;\">roughly equal to that of world GDP<\/span>, I gotta figure that something bad is heading down the pipeline, and that the big players are looking to offload it onto either stupid investors and\/or the taxpayers.<\/p>\n<p>Can anyone translate this into meaningful English?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I&#8217;m just not sure what. I&#8217;m checking the Bloomberg financial news, and I come across this story, all of two paragraphs, about conducting all the trades for credit default swaps through a clearinghouse of some kind. Some of the names that planning to do this are, &#8220;JPMorgan Chase &#038; Co., Deutsche Bank AG and Morgan &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004],"tags":[],"class_list":["post-195057","post","type-post","status-publish","format-standard","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195057"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=195057"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195057\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=195057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=195057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=195057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}