[BurbankKarl]

I bet that Rogers dude owns some of that action.

[jas3]

I bet that Rogers dude owns some of that action.

You would be correct.

Of course every large player in credit markets "owns some of that action." The total outstanding notional value of CDS is many times larger than the sum total of all the debt of the underlying credits.

But that's just because CDS contracts don't clear/offset each other. They either expire or are executed in an event of default.

jas3