Goldman Traders are Caught Up in a Bizzare, Tense Hedge Fund Battle – Bloomberg
December 7, 2017 \ 1 Comment
Full Article: Bloomberg
The flap was ignited by Blackstone Group LP’s credit unit, GSO Capital Partners, which is trying to convince the builder to accept a bond refinancing package. GSO’s plan would trigger payments on default insurance that it bought in the credit derivatives market.
“On a technical level this is genius”. So was buying insurance on British sailing ships that you didn’t own!
CDS are insurance policies and should have been regulated as such. I don’t see how this could have possibly been the objective of the designers.
You know, the more I think about it, it SHOULD happen. They all knew what they were getting into, and what the heck, lawyers have to eat too…
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