There was a rumor reported in today’s Barrons that a number of hedge funds had lost serious money on credit swaps they had used to bet on a big oil hit in Hurricane Gustav.
Does this mean that the investment banks who took the other side made a killing? Maybe some lucky trader made back all he lost on subprime.
It's a zero som game - someone's making a killing.
It's a zero sum game - someone's making a killing.