AIG: The Main CDS Insurer for Greek Government Debt?
February 20, 2010 – 8:58 amYves Smith and I received a tip at the weekend from a friend who reads the German press regularly about credit default swaps (CDS) on Greek government debt. Read Yves’ piece based on that article here. Below is mine.
Previously, I had mentioned the CDS exposure of the hapless German Landesbanks (banks owned by the individual German states or Länder – hence the term Landesbank). These same companies lost enormous amounts of money in the subprime meltdown – and apparently they have all sorts of other toxic exposure like Greek CDS still on the books.
So I find it interesting that the German daily Frankfurter Allgemeine is focussing instead on the AIG CDS connection to Greece. Here’s
The New York Times article: A Sight All Too Familiar in Poor Neighborhoods cites University of Wisconsin research by Matthew Desmond on trends in Milwaukee inner-city rentals for uncovering some startling insights – such as Women from largely black neighborhoods in Milwaukee constitute 13 percent of the city’s population, but account for 40 percent of those legally evicted. . Why is this demographic so prone to eviction?