Know When To Hold Them, Know When To Fold Them 0
Another gambling addict teeters on the brink.
The cost of buying the swaps, or CDS, which offer protection against a default of New York-based Morgan Stanley’s debt for five years, has surged to 456 basis points, or $456,000, for every $10 million of debt insured, from 305 basis points on Sept. 15, according to prices provided by London-based CMA. Italy’s Intesa Sanpaolo SpA (ISP) has CDS trading at 405 basis points, and UniCredit SpA (UCG) at 424, the data show. A basis point is one-hundredth of a percent.
I have difficulty feeling sympathy for a three-card monte dealer.
Live by the credit default swap, die by the credit default swap.
