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Peterson drafts legislation to end speculation in derivatives

Posted Feb 3rd 2009 6:00PM by Connie Madon (RSS feed)
Filed under: International Markets, Good news, Market Matters, Financial Crisis

Originally a CDS (credit default swap) was a protection against the default of an underlying bond, usually a mortgage. It was a fine idea.

But now enter the speculators who developed a scheme to trade these CDS's independent of the underlying mortgage. This has developed into a $30,000 billion dollar trading market. It is this market that is destroying world economies like they are twigs snapped in the wind.

Continue reading Peterson drafts legislation to end speculation in derivatives

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