What is a Credit Default Swap? And is it the cause of the financial crisis?
By islandtalk
@islandtalk (4)
October 8, 2008 9:02pm CST
I heard recently that the cause of the financial crisis in the US and indeed the world was the issuing of these so called "credit default swap" instruments by the major wall street financial companies such as Merril Lynch, Morgan Stanley, AIG, etc. What exactly is a "credit default swap" and how was it the cause of the global financial crisis?
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