4 May 2009

Who has created favourite financial crisis?

Who has created crisis?

Who has created crisis?

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In 1994 nice bankers of nice bank JP Morgan, having retired on ritual picnic in magnificent Boca Raton Resort and Club in the south of Florida, have decided to combine pleasant (the sun, young ladies and the French champagne) with useful: a miracle-deal which would allow to kill, at last, all hares at once: to separate credit risks from credit percent, to defreeze money in reserve funds , To make insurance of credits are cheaper, than that the traditional insurance policy allowed, to interest in insurance of credits not only the insurance companies, but also all others to earn additionally …

It miracle has gone right on glory. Lucid minds JP Morgan have generated the unique financial tool which, remaining under the internal maintenance an insurance policy, under the form allowed to be released from a watching eye of the state entirely. The tool have nicknamed CDS (Credit Default Swap)… – and later 14 years the American economy on a guillotine!

Surprising opening, is not that so? Not hypothecary crediting of an insolvent part of the population, not a pyramidal rise in prices on the real estate, not defaults prime and even not multilevel promissory notes provided by the mortgage (CDO), CDS – created JP Morgan 14 years ago, have ruined the world!

Category: Exchange reports

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