Just substitute the above expression for “risky credit default swap” and it will all work out quite nicely.
And the CEO of the ISDA… the trade group behind this whole over-leveraged, entirely mysterious “shadow market” of completely insane, wholly absurd financial contraptions…?
Robert G. Pickle (aka — Bob Pickle). I kid you not.
Update: I stand corrected. Pickel… not Pickle. (That made a big difference, didn’t it?) Now we’re in a PICKEL!


