Image licensed under Creative Commons by The Rocketeer
Credit Default Swap: Why on earth are we talking about financial instruments in the dictionary, you may ask? We thought it fit into our general categories of Dictionary and Anti-Zen. We avoid such financial products (we prefer financial scheme), because they are a derivative product and gives us nightmares of the Orange County fiasco (remember???). Also, by their nature, we the 'unwashed masses' are largely excluded from these buy-ins, anyway. And, they spread too much risk. Which is an issue cited by Larry McDonald and Carmen Reinhart in their excellent books; A Colossal Failure of Common Sense and This Time Is Different: Eight Centuries of Financial Folly. For speed and quickness, see their talks on BookTV; A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers and This Time Is Different: Eight Centuries of Financial Folly .
Bit.ly: http://bit.ly/6ngnZN
FOM: Overexposure to Credit Default Swaps Contributed to Financial Meltdown, Two (And More) Contemporary American Heroines and Recovery Realism or Post-Crash Realism
(1) University of Toronto, Rotman School of Management (2010, January 4). Overexposure to credit default swaps contributed to financial meltdown. ScienceDaily. Retrieved January 6, 2010, from http://www.sciencedaily.com /releases/2010/01/100104114632.htm
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