Tag Archives: Scam
Final Nail in Credit Default Swap Scam: Opinion
The following commentary comes from an independent investor or market observer as part of TheStreet’s guest contributor program, which is separate from the company’s news coverage.
NEW YORK (Bullion Bulls Canada) –One of the most poorly kept secrets in Wall Street’s empire of fraud was that credit default swaps were never anything but pretend-insurance.
The credit default swap market is a $ 60 trillion-plus paper Ponzi-scheme. The Wall Street syndicate claiming to “back” this insurance have nothing more than a few billions of dollars of liquidity apiece.
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