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“One of the biggest frauds of the past few years took place yesterday”


From Bruce Krasting:

One of the biggest frauds of the past few years took place yesterday. The International Swaps and Derivatives Association (ISDA) confirmed that no “event of default” has occurred with the Greek debt restructuring, therefore no payouts on any outstanding Greek credit default swaps (CDS) contracts are due.

The following are just a few of the links this morning on those who disagree with the ISDA. I particularly liked Barry Ritholz’s comment, “Bulls***.”

I wonder if the ISDA’s decision was not intended to…

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