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Credit default swaps in their current form have existed since the early 1990s and increased in use in the early 2000s. By the end of 2007, the outstanding CDS amount was $62.2 trillion, [3] falling to $26.3 trillion by mid-year 2010 [4] and reportedly $25.5 [5] trillion in early 2012.
The collapse of AIG Financial Products, headquartered in Wilton, Connecticut, is considered to have played a pivotal role in the global financial crisis of 2008–2009. In spring 2008, AIGFP suffered enormous losses from credit default swaps that it issued and traded in earlier years. Company officials issued the swaps believing they would have ...
I'm talking about credit default swaps, those things with the funny name so prominent in the news as the U.S. economy came to a crashing halt in ... AIG was the company on the hook for making a ...
AIG had sold credit protection through its London unit in the form of credit default swaps (CDSs) on collateralized debt obligations (CDOs) but by 2008, they had declined in value. [ 58 ] [ 59 ] AIG's Financial Products division , headed by Joseph Cassano in London, had entered into credit default swaps to insure $441 billion worth of ...
When I left AIG, in seven months they wrote more credit default swaps on so-called AAA CDOs, credit default swaps covering them, than we wrote in seven years. They wrote quality that was way below ...
Credit default swaps are a portfolio management tool that gained notoriety during the peak of the 2008 financial crisis. These derivative investments are bit more complex than stocks, mutual funds ...
Cassano accepted the 1998 proposal by J.P. Morgan to package credit default swaps (CDS) on Broad Index Secured Trust Offering (nicknamed Bistros). Cassano considered these collateralized debt obligations a key event: "It was a watershed event in 1998 when J.P. Morgan came to us, who were somebody we worked with a great deal, and asked us to ...
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