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60 Minutes on Sunday night, Oct 5th....
October 6th, 2008 9:12 AM

Did anyone watch 60 minutes last night?  I had no idea these "Credit Swaps" or "Side-Bets" they were talking about even existed!  No wonder we are in the situation we are in!

These companies, AIG, BearStearns, Lehman, etc....were offering "insurance" on sub-prime loans without calling it insurance.  They weren't regulated, so they weren't required to actually have the funds to pay claims when these loans defaulted.  When mortgage holders defaulted, claims were made and the companies went broke paying them.  These "side-bets" are the reason they were left with no funds and the reason we are in the situation we are in.

Posted by Raven Johnson on October 6th, 2008 9:12 AMPost a Comment (0)

Raven's Weekly Update - Oct 28, 2008
October 28th, 2008 9:30 AM
Posted by Raven Johnson on October 28th, 2008 9:30 AMPost a Comment (0)

Raven's Weekly Update - Oct 21, 2008
October 21st, 2008 11:43 AM
Posted by Raven Johnson on October 21st, 2008 11:43 AMPost a Comment (0)

Raven's Weekly Update - Oct 7, 2008
October 7th, 2008 8:42 AM
Posted by Raven Johnson on October 7th, 2008 8:42 AMPost a Comment (0)
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