Its Over, page-12105

These sorts of big bets that Pimco did betting that Russia would not default or for that matter any bet that could present themselves capable of causing systemic risk should never ever be allowed in the first place. It is like Dom Perrotet betting 1 b of taxpayers money on Novak beating Nadal - that is pure insane gamble that is nothing productive use of capital, does not generate jobs nor contribute to economic growth but when they fail, they could cause counterparty defaults like the CDO did to GFC and drag the banks and bigger investors down with it. The world financial order needs a big makeover to place a stop to non productive derivative bets that could pose systemic risks to the the world financial order.