"In theory CDS should ``net out''. Yet they are an...

  1. 50ftCat
    2,717 Posts.
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    13/10/08
    11:51
    Post #: 4381523
    "In theory CDS should ``net out''. Yet they are an ``over-the-counter'' product with no central exchange to facilitate netting."

    The CDS scam is simply a churn game with a margin taken each time the parcel is passed. The actual value at any time is the original value minus the total margins. So if they have been churned enough times they could be worthless
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    lightbulb Created with Sketch.  Great analysis
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