To: dennisw
I think it was Cramer last night. He said - what is it called when you issue insurance that you cannot make good on? This is called fraud. This is what credit default swaps are.Madoff is just the tip of the iceberg. His ponzi scheme just had fewer fig leaves covering the nasty parts than most hedge funds "invested" in derivatives and "insured" by scam winkers like AIG.
6 posted on
12/17/2008 4:55:14 AM PST by
Travis McGee
(--www.EnemiesForeignAndDomestic.com--)
To: Travis McGee
“such a parcel of rogues in a nation” — Robert Burns
14 posted on
12/17/2008 11:38:45 AM PST by
dennisw
(Never bet on Islam! ::::: Never bet on a false prophet!)
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson