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> investors thought the bonds would basically never convert .. so they were getting paid for nothing sounds like the calculus for the CDS (credit default swaps
by chii 4y ago
> investors thought the bonds would basically never convert .. so they were getting paid for nothing
sounds like the calculus for the CDS (credit default swaps) for AAA mortgage bonds...before the GFC!
- seanhunter 4y agoYes. Wall street has a grand tradition of people picking up pennies in front of various steamrollers and boasting about it during good times.