Mercury Rising 鳯女

Politics, life, and other things that matter

Why Thomas Friedman isn’t worried

Posted by Charles II on April 16, 2009

(Thomas Friedman’s wife’s fortune is from General Growth Properties, the largest mall owner in the nation)

Henny Sender, FT:

Credit default swaps, the derivatives instruments that have figured prominently in the global financial crisis, are now being blamed for playing a role in two bankruptcy filings this week.

Bankers and lawyers involved in restructuring efforts say they are concerned some lenders to troubled companies, such as newsprint producer AbitibiBowater and mall owner General Growth Properties, stand to benefit from a default because they also hold default swaps, which entitle them to payments in such events.

And here we thought they got into so much financial trouble because they were stupid.

2 Responses to “Why Thomas Friedman isn’t worried”

  1. jo6pac said

    Yep Charles it looks like little tommy will be writing more bad books and more speaking engagemnets to cover the cost of that moster house they live in. Maybe wifey will get a job, sure.

    I hope your puter problems have been solved.

  2. Charles II said

    Computer has never been better, Jo, thanks.

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