Leading Credit Default Swap Trader: Justifications for CDS are Phony

The unpalatable reality that very few, self interested industry participants are prepared to admit is that much of what passed for financial innovation was specifically designed to conceal risk, obfuscate investors and reduce transparency. The process was entirely deliberate. Efficiency and transparency are not consistent with the high profit margins that are much sought after on Wall Street. Financial products need to be opaque and priced inefficiently to produce excessive profits or economic rents.

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA