Cottonpicken... 3 to 4 quadrillion... no one knows.
In 2008 I was told probably 1 quadrillion, and much more has been
disclosed.
OTC derivatives are unregulated and in many, many countries.The deals
have been cubed and further multiplied.
The counter party bankruptcies are blamed on models which were far too
conservative in assessing the value at risk (VAR).
Their fees (insurance) of 20 or 30 basis points were far too low.
Regardless, IMHO the mess from this structured credit fiasco will take
years to rebuild.
I could be wrong... Bill
In 2008 I was told probably 1 quadrillion, and much more has been
disclosed.
OTC derivatives are unregulated and in many, many countries.The deals
have been cubed and further multiplied.
The counter party bankruptcies are blamed on models which were far too
conservative in assessing the value at risk (VAR).
Their fees (insurance) of 20 or 30 basis points were far too low.
Regardless, IMHO the mess from this structured credit fiasco will take
years to rebuild.
I could be wrong... Bill
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