which they won't let happen...

    Exactly!!...

    Posted by saturn6 on 31st of Jan 2012 at 08:00 am

      The five big US banks that hold 97% of the CDO's obviously influence the ISDA
    - the five big US banks effectively determine their own fate.
    - If they deem a default they seal their own fate.
    - So they won't declare a default event.
    - Claims MFG went in view of having gone all in buying Greek default derivatives
    - Not deemed a default so MFG went belly up.
    - If not declared a default event - those holding Greek default insurance, take
      the  full   haircut hit. (MFG Mk II, III, IV etc)
    - Counterparty dominoes

    The quiet paper over, & QE to infinity.

    - In which case blue touchpaper lit - stand well back

    So who holds Greek default insurance? It aint mom and pop

    Posted by ragwing on 31st of Jan 2012 at 08:33 am

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