Greenspan said "I don't understand Credit Default Swaps " ... nice, very nice indeed, and the SEC staff does not understand them either - none of the market makers of these instruments understands them WHEN THEY ARE LOSING CAPITAL !!! But they do when they made them !!! very convenient indeed. They don't understand MADOFF either - who does Madoff know ?

Credit Default Swap = Fraudulent Contract

& Collateralized Debt Obligation

= No Collateral = No Direct Assets

= Big cash bonuses instantly to market makers

= $1.5 Quadrillion of market maker trading

= Worth $0.00

http://en.wikipedia.org/wiki/Credit_default_swap

Credit default swap

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