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“During the financial crisis, however, roughly two-thirds of losses attributed to counterparty credit risk were due to CVA losses and only about one-third were due to actual defaults.”
- — Basel Committee press release, 2011
All David Bowie’s fault. He started this off by monetising his future royalties. Before you knew it, it was tranched CDO3 everywhere you looked, Morgan Stanley was on fire, the world was BURNING man and people were wandering round dazed and shell shocked and living under bridges in Manhattan in makeshift housing made out of Iron Mountain boxes.
See also
