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    Saturday
    Mar212009

    Alexander Hamilton on Credit Default Swaps Meets Woody Allen on Marshall McLuhen

    DateSaturday, March 21, 2009 at 11:55PM

    How Do You Unscramble an Omelette with 62 Trillion Eggs (Revisited)?



     Hamilton on CDS: "If you ask me this is all a $62 trillion pile of crap. What were these guys smoking?"

    Hamilton taking a few puffs of the relative healthy good old fashion tobacco

     


    But first a Cinemoment Flashback: The Famous Annie Hall/Marshall McLuhen Scene

    "You Don't Have Any Idea What You Are Talking About!"

     

    This looks likes like one big piece of crap to me!

    Typical CDS Structure

    Toxic? Perhaps. Impenetrable? Without a Doubt. Why not pay bonuses with the toxic assets? We'll find out what their really worth in a nanosecond.

    synthetic cdo

     

     

    Could we have a  little perspective please maestro:

     

    Okay so this is what a $1 biliion variation of a credit default swap looks like.  The "un-netted" notional exposure means there would be, arguendo, 60,000 more transactions of $1 billion if they were all a billion.  One report said Lehman had 1 million CDS and other derivative contracts that need to be unwound.  Ever get that message on your computer:  "Warning you have run out of memory, please delete unnecessary files"


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