It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Originally posted by MysterE
reply to post by Merriman Weir
I see what you're saying, I do not discount the roll we played in the crisis. However, the circumstances surrounding this man are fishey to say the least.
represent the chances that a "large" number of the mortgages default within the same period.
were 0.34 percent; 0.49 percent; and 0.88 percent
represent the percent of the mortgages from each layer which actually did default.
turned out to be 48.73 percent; 56.10 percent; and 66.67 percent
Forms of Credit Default Swaps had been in existence from at least the early 1990s, but the modern Credit Default Swaps were invented in 1997 by a team working for JPMorgan Chase. They were designed to shift the risk of default to a third party, and were therefore less punitive in terms of regulatory capital. The first CDS involved JPMorgan selling the credit risk of Exxon to the European Bank of Reconstruction and Development. Credit Default Swaps became largely exempt from regulation by the U.S. Securities and Exchange Commission (SEC) with the Commodity Futures Modernization Act of 2000, which was also responsible for the Enron loophole.
Originally posted by poet1b
From my understanding, the Chinese abandoned communism about twenty years ago, so this can't be anti-communism rhetoric.
It does provide a step in the whole mortgage crisis scam of the last decade creating the biggest economic downturn since the Great Depression.