FT.com / Markets - Insight: Kazakh bank falls foul of CDS
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Saved by 2 people (0 private), first by anonymouse user on 2009-05-01
- Tonycurzonprice on 2009-05-03 - Tags crash
- Poddipoddi on 2009-05-01 - Tags no_tag
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Worse, the presence of those CDS contracts makes it fiendishly hard to work out what the true incentives of any creditors are. In theory, lenders should have an interest in avoiding default. In practice, CDS players do not. The credit world has become a hall of mirrors, where nothing is necessarily as it seems.
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