Um, isn\’t this man supposed to know something about finance and the City?
creating common rules on the trading of toxic credit default swaps.
What is he on about? Around and about the only credit market that remained open and liquid during the crisis is \”toxic\”? The market in which hedge funds in the last few weeks have lowered the cost to Greece of issuing new debt is toxic? A market which has enabled banks holding hundreds of billions of Greek debt to insure it against default is toxic?
What is he blathering about?
I have a feeling that he\’s got confused between CDOs (those securitisations of mortgages) and CDSs….the former have often been referred to as \”toxic waste\”.