OK hate to do it but what are CDS’s?
Credit default swaps.....
Do not go into these CD things. I have a degree in Economics and have no idea how they work or came to be.
http://en.wikipedia.org/wiki/Credit_default_swap
Make sure you have an empty stomach before you read the above link.
This is how the big NYC BDs survived the movement to discount brokers and boutique investment banks and why they should not be rescued no matter how many NYC city jobs are lost. And why McCain got it right (accidentially?) and Cox should be fired. It was in his authority to write down these “assets” the first time they appeared on a balance sheet.