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Credit default swap losses may reach $250 billion
Bill Gross of giant bond management company PIMCO says losses on credit default swaps could reach $250 billion based on historical default rates. To put that number in perspective, many Street estimates ascribe similar losses to subprime mortgages, a derivative category substantially distinct from CDS insurance. With CDS, a bond issuer sells risk to the … Continue reading Credit default swap losses may reach $250 billion