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NEWS ABOUT: credit default swap

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AIG's Downfall, Part 2: 'Almost Free Money'

Credit default swaps change the game

(Newser) - According to the computer models, credit default swaps almost couldn’t fail. They were the latest derivative contract in 1998, and AIG Financial Products decided to get on board, the Washington Post reports, in the second part of its series on the insurer’s self-destruction. When AIG struck its first... More »

Wall Street's Doom Years in the Making

Liar's Poker writer saw this coming long ago, and so did some contrarian money men

(Newser) - When he wrote Liar’s Poker in 1989, Michael Lewis figured the end of Wall Street was near. After all, it had hired him, a 24-year-old with neither experience nor interest in finance. “Sooner rather than later,” he writes in Portfolio, “someone was going to identify me,... More »

Brutal Market Doesn't Spare Buffett

Berkshire Hathaway takes biggest dive in decades

(Newser) - The "Oracle of Omaha" is proving even he's not immune from market blows, reports Bloomberg. Warren Buffet's Berkshire Hathaway took a 12% nosedive yesterday, its biggest one-day fall since 1987's Black Monday. The conglomerate is down 41% for the year and has been dropping steadily for eight days after... More »

Goldman Urged Clients to Bet Against Bonds It Sold for Calif.

Could have cost taxpayers millions

(Newser) - Goldman Sachs charged the state of California millions of dollars to handle a bond issue, then told big clients to bet against those bonds, a move that could have cost taxpayers millions, according to a confidential report the company sent out in September. While the advice isn’t illegal, it’... More »

Greenspan: I Was Wrong to Trust Banks

Fed's push for deregulation helped 'nnce-in-a-century credit tsunami'

(Newser) - Alan Greenspan made a mild mea culpa today as lawmakers grilled him on his role in a financial crisis the former Fed chief called a “once-in-a-century credit tsunami,” the Wall Street Journal reports. Asked if he was wrong to champion deregulation, Greenspan replied, “partially,” explaining he’... More »

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