Credit Default Swaps Quotes

They had stumbled either upon a serious flaw in modern financial markets or into a great gambling run. Characteristically, they were not sure which it was. As Charlie pointed out, It's really hard to know when you're lucky and when you're smart. ~ Michael Lewis

When the Goldman Sachs saleswoman called Mike Burry and told him that her firm would be happy to sell him credit default swaps in $100 million chunks, Burry guessed, rightly, that Goldman wasn't ultimately on the other side of his bets. Goldman would never be so stupid as to make huge naked bets that millions of insolvent Americans would repay their home loans. He didn't know who, or why, or how much, but he knew that some giant corporate entity with a triple-A rating was out there selling credit default swaps on subprime mortgage bonds. Only a triple-A-rated corporation could assume such risk, no money down, and no questions asked. Burry was right about this, too, but it would be three years before he knew it. The party on the other side of his bet against subprime mortgage bonds was the triple-A-rated insurance company AIG - American International Group, Inc. ~ Michael Lewis

Countries are not like financial markets. Social change cannot be executed as swiftly as credit-default swaps. You cannot sell short on social commitments and practical responsibilities. ~ George Papandreou

Credit-default swaps, I think, have serious problems associated with them. ~ Alan Greenspan

The money has to be deferred with what they call "clawback," which means they can get it back if I lose it all. So that guy making ten million a year selling credit default swaps, if we're going to keep five million of it in escrow for ten years, and with the right to go back and get it, if he starts losing money, then we're going to give people the right incentives not too take so much risk. ~ Richard Thaler

Credit default swap gives you something to do. You can buy some credit default swaps from them to protect yourself against the bankruptcy of people who owe you money. ~ Robert F. Engle

So what is the role that credit default swaps can play in an economy? Well my feeling is that if these things actually will now be traded on either exchanges or some kind of central clearing, they are going to be a very good measure of the credit worthiness of different companies. ~ Robert F. Engle

As the financial experts all over the world use machines to unwind Gordian knots of financial arrangements so complex that only machines can make - 'derive' - and trade them, we have to wonder: Are we living in a bad sci-fi movie? Is the Matrix made of credit default swaps? ~ Richard Dooling

I mean, we've always had gold bugs, but now we sort of realize that Treasure Bills might be in the same category. And we have derivatives like credit default swaps which are in this category, and we have derivatives like volatilities that are actually an asset class that we can invest in which are now - would out perform if we have another financial crisis. ~ Robert F. Engle

If you pay attention to where your exposures are, you might tend up buying credit default swaps against a variety of people that you - companies that you deal with. ~ Robert F. Engle

I was able to use credit default swaps to protect not only my investments but the hundreds of jobs that exist because of my investment. I understand the dangers of credit default swaps and the benefits of credit default swaps. ~ Jeff Greene

How do you explain to an innocent citizen of the free world the importance of a credit default swap on a double-A tranche of a subprime-backed collateralized debt obligation? He tried, but his English in-laws just looked at him strangely. They understood that someone else had just lost a great deal of money and Ben had just made a great deal of money, but never got much past that. "I can't really talk to them about it," he says. "They're English. ~ Michael Lewis

If you default on your Visa bill, nobody comes to repossess your refrigerator or auction off your shoes. The biggest penalty you'll face is trouble getting future credit. ~ Virginia Postrel

A credit default swap was confusing mainly because it wasn't really a swap at all. It was an insurance policy, typically on a corporate bond, with semiannual premium payments and a fixed term. For instance, you might pay $200,000 a year to buy a ten-year credit default swap on $100 million in General Electric bonds. The most you could lose was $2 million: $200,000 a year for ten years. The most you could make was $100 million, if General Electric defaulted on its debt any time in the next ten years and bondholders recovered nothing. It was a zero-sum bet: If you made $100 million, the guy who had sold you the credit default swap lost $100 million. It was also an asymmetric bet, like laying down money on a number in roulette. The most you could lose were the chips you put on the table; but if your number came up you made thirty, forty, even fifty times your money. ~ Michael Lewis

Depending on the contemporary mood, Orwell oscillates from Saint George to George the Seer to George the Sage. What other thinker has been both so fervidly claimed and derided by both the left and right? Who else except Kafka do we credit with having seen the sinister future? When the NSA spying scandal broke in June, Amazon sales of Orwell's Nineteen Eighty-Four vaulted more than 6000 percent. The connection of Big Brother with the NSA might have been hysterical and spurious, but it was also testament to our sentimental, kneejerk affection for Orwell, to the fact that he remains the default scribe whenever our paranoia is fondled by the ominous machinations of realpolitik. The utter clarity and goodness of his intellect seem something of a miracle when one considers how many of his fellow writers botched the most pressing moral and political tests of their time. He could smell bullshit and blood a continent away: When a passel of leftist intellectuals was hailing the Soviet Union as humankind's only hope, Orwell was persistent in pointing out that Stalin was a monocratic lunatic. ~ William Giraldi

Credit default swap is basically just an agreement that I have with you, where I sell you insurance on some bond you own. If the bond goes belly up, I promise to pay you. And as long as the bond doesn't go belly up, you pay me for selling you insurance. ~ Charles Duhigg

default swaps on subprime mortgage bonds. Only a triple-A-rated corporation could assume such risk, no money down, and no questions asked. Burry was right about this, too, but it would be three years before he knew it. The party on the other side of his bet against subprime mortgage bonds was the triple-A-rated insurance company AIG - American International Group, Inc. Or, rather, a unit of AIG called AIG FP. AIG Financial Products was created ~ Michael Lewis

Sharecropping is the dirty little secret at the root of America's wealth - along with slavery itself. The immense profits generated by the industrious yet impoverished Black "sharecroppers" and "tenant farmers" financed Europe's and America's Industrial Revolution, including the building of their railroads, factories, mills, and their entire infrastructure. It is truthfully asserted that the major cities of America and the Western world were "built with bricks of cotton." Today the debt traps designed to ensnare the working poor and middle class in a lifelong cycle of debt - the high-cost installment loans that charge usurious interest rates of 100% or more, the "payday" loans that charge 400% interest, the extortionate credit card multi-charges, the subprime mortgages with ballooning interest rates, and the home equity loan swindles - are the bastard children of the sharecropping American South. It ~ Reclamation Project

The self-righteous person's superfluity of moral credit is the basis of his discourse. He presupposes his own moral values and his own righteousness as a condition of conversation. The effect of this is that anyone talking to a self-righteous person must either agree with his moral values and act equally self-righteous, or face being put in a morally inferior position in the discourse. This is what makes self-righteous people particularly infuriating to talk to. F ~ George Lakoff

Our beliefs about bodies disproportionately impact those whose race, gender, sexual orientation, ability, and age deviate from our default notions. The further from the default, the greater the impact. We are all affected - but not equally. ~ Sonya Renee Taylor

Galen slides into his desk, unsettled by the way the sturdy blond boy talking to Emma casually rests his arm on the back of her seat.
"Good morning," Galen says, leaning over to wrap his arms around her, nearly pulling her from the chair. He even rests his cheek against hers for good measure. "Good morning...er, Mark, isn't it?" he says, careful to keep his voice pleasant. Still, he glances meaningfully at the masculine arm still lining the back of Emma's seat, almost touching her.
To his credit-and safety-Mark eases the offending limb back to his own desk, offering Emma a lazy smile full of strikingly white teeth. "You and Forza, huh? Did you clear that with his groupies?"
She laughs and gently pries Galen's arms off her. Out of the corner of his eye, he sees the eruption of pink spreading like spilled paint over her face. She's not used to dating him yet. Until about ten minutes ago, he wasn't used to it either. Now though, with the way Mark eyes her like a tasty shellfish, playing the role of Emma's boyfriend feels all too natural.
The bell rings, saving Emma from a reply and saving Mark thousands of dollars in hospital bills. Emma shoots Galen a withering look, which he deflects with that he hopes is an enchanting grin. He measures his success by the way her blush deepens but stops short when he notices the dark circles under her eyes.
She didn't sleep last night. Not that he thought she would. She'd been quiet on the flight home from Destin two n ~ Anna Banks

Instability mostly comes from the interface between the fact that the banks (or shadow banks) can create credit, money, and purchasing power in infinite quantities if we don't constrain them, and the fact that credit is primarily created to fund the purchase of urban real estate and land, which is somewhat fixed in supply. ~ Adair Turner, Baron Turner Of Ecchinswell

It is not by means of a metaphor that a banking or stock-market transaction, a claim, a coupon, a credit, is able to arouse people who are not necessarily bankers. And what about the effects of money that grows, money that produces more money? There are socioeconomic "complexes" that are also veritable complexes of the unconscious, and that communicate a voluptuous wave from the top to the bottom of their hierarchy (the military-industrial complex). And ideology, Oedipus, and the phallus have nothing to do with this, because they depend on it rather than being its impetus. For it is a matter of flows, of stocks, of breaks in and fluctuations of flows; desire is present wherever something flows and runs, carrying along with it interested subjects - but also drunken or slumbering subjects - toward lethal destinations. ~ Gilles Deleuze

Animals don't get enough credit for all they're capable of emotionally. ~ Jennifer S. Holland

Unlike traditional retailers, Amazon boasted what was called a negative operating cycle. Customers paid with their credit cards when their books shipped but Amazon settled its accounts with the book distributors only every few months. With every sale, Amazon put more cash in the bank, giving it a steady stream of capital to fund its operations and expansion.14 The company could also lay claim to a uniquely high return on invested capital. Unlike brick-and-mortar retailers, whose inventories were spread out across hundreds or thousands of stores around the country, Amazon had one website and, at that time, a single warehouse and inventory. Amazon's ratio of fixed costs to revenue was considerably more favorable than that of its offline competitors. In other words, Bezos and Covey argued, a dollar that was plugged into Amazon's infrastructure could lead to exponentially greater returns than a dollar that went into the infrastructure of any other retailer in the world. ~ Brad Stone

Fortunately I'm Latin, and I'm born with a little bit of rhythm by default. It's in the DNA. I have that going for me, but I've never been considered one of the world's greatest dancers. ~ Adam Rodriguez

No true friendship takes account of credit and debt. It gives freely, without thought of compensation or reward. ~ Una McCormack

Upon the whole, here was an undoubted testimony that there was scarce any condition in the world so miserable but there was something negative or something positive to be thankful for in it; and let this stand as a direction from the experience of the most miserable of all conditions in this world: that we may always find in it something to comfort ourselves from, and to set, in the description of good and evil, on the credit side of the account. ~ Daniel Defoe

I think some of our members may have thought the default issue was a hostage you might take a chance at shooting. Most of us didn't think that. What we did learn is this - it's a hostage that's worth ransoming. And it focuses the Congress on something that must be done. ~ Mitch McConnell

Cautious age suspects the flattering form, and only credits what experience tells. ~ Samuel Johnson

Who might this young man be?"
In an instant I sorted through every possibly explanation for Sage's presence, but judging by the way Mom was looking at him, I knew she already had it in her head that he was a romantic prospect, and she'd go on believing that even if I said he was purely a homeschool friend. And if she thought I was interested in him, no political luncheon would stop her from sitting us down and grilling Sage in front of everyone so she could dig up any deal breakers before I had to find them out the hard way. She'd probably even encourage her guests to join in, and I knew they'd be happy to do it-I'd seen it happen to Rayna.
The problem was, I couldn't spend all day hanging out at Mom's lunch. I needed to go through Dad's things, and I wanted to finish before the Israeli minister and his Secret Service protection left the house open for any not-so-welcome visitors to return.
"This is Larry Steczynski! You can call him Sage. He's my new boyfriend!" Rayna suddenly chirped, threading her arm through Sage's and giving him a squeeze. To his credit, Sage looked only slightly surprised.
Just one more thing to add to the long list of reasons I love Rayna. She knew exactly what I'd been thinking and had found the one answer that would leave me completely off the hook.
"Really!" Mom said meaningfully. "Then we should talk." She turned to the group and asked, "Gentleman?"
Without hesitation, all the senators and the Israeli minister agreed t ~ Hilary Duff

Because the terms "sufferers" and "victims" are objectionable, I have chosen the term "patient" by default. ~ Katrina Berne

I do get credit for having a California sound to my music, but I don't think people really know what that means - they think the Beach Boys. I'm thinking more like Sunset Strip in the 1960s and stuff like that. ~ Ariel Pink

Robert M. Morgenthau, the Manhattan district attorney, has seen a few financial schemes in his time. As the lead local prosecutor in the world's financial capital, he has battled frauds like the Bank of Credit and Commerce International, which stole billions of dollars from investors worldwide. ~ Alex Berenson

What Melanie did was no more than all Southern girls were taught to do: to make those about them feel at ease and pleased with themselves. It was this happy feminine conspiracy which made Southern society so pleasant. Women knew that a land in which men were contented, uncontradicted, and safe in possession of unpunctured vanity was likely to be a very pleasant place for women to live. So from the cradle to the grave, women strove to make men pleased with themselves, and the satisfied men repaid lavishly with gallantry and adoration. In fact, men willingly gave the ladies everything in the world, except credit for having intelligence.
Scarlett exercised the same charms as Melanie but with a studied artistry and consummate skill. The difference between the two girls lay in the fact that Melanie spoke kind and flattering words from a desire to make people happy, if only temporarily, and Scarlett never did it except to further her own aims. ~ Margaret Mitchell

A moment can stop the escalation of fear, can break the concentration needed to get angry. A kindness can stop panic in its tracks, and eating a cookie can give you a moment to reflect. It is a tiny thing, kindness. In the right moment, it can move mountains, but few people give it the credit because it starts by moving one pebble. ~ Viola Grace

Marc didn't want to win by default. He wanted to win for real. Forever. ~ Rachel Vincent

Your credit score takes into account years of information in most cases. It's not going to improve in a day. But it may improve more quickly than you think. Generally, the last 24 months carry the most weight, so if you can keep clean for that long, you'll see a boost. ~ Jean Chatzky

Any time an elected official in the world we're in today that appears so dysfunctional challenges a core constituency not of their opponent but of their own political base, I think we should pause and give them credit. ~ Jeb Bush

I have been robbed of three million dollars all told. Everyone today is playing my stuff and I don't even get credit. Kansas City style, Chicago style, New Orleans style hell, they're all Jelly Roll style. ~ Jelly Roll Morton

The system we have built refuses to recognize people. Only credit cards are recognized. Drivers' licenses are recognized. But not people. People haven't any use for faces anymore, it seems. They are busy looking at your credit card, your driver's licence, your social security number. If a driver's licence is more reliable than the face I wear, then why do I have a face? ~ Muhammad Yunus

Puerto Rico loses out on billions of dollars annually because it is treated unequally under a range of federal programs, including tax credits available to millions of households in the States that do not pay federal income taxes. ~ Pedro Pierluisi

I've never gotten cash out of a machine. I use my credit cards, so I don't need to do that. ~ Paula Creamer

We are focus-points of consciousness, [...] enormously creative. When we enter the self-constructed hologrammetric arena we call spacetime, we begin at once to generate creativity particles, imajons, in violent continuous pyrotechnic deluge. Imajons have no charge of their own but are strongly polarized through our attitudes and by the force of our choice and desire into clouds of conceptons, a family of very-high-energy particles which may be positive, negative or neutral. [...] Some common positive conceptions are exhilarons, excytons, rhapsodons, jovions. Common negative conceptions include gloomons, tormentons, tribulons, agonons, miserons.
"Indefinite numbers of conceptions are created in nonstop eruption, a thundering cascade of creativity pouring from every center of personal consciousness. They mushroom into conception clouds, which can be neutral or strongly charged - buoyant, weightless or leaden, depending on the nature of their dominant particles.
"Every nanosecond an indefinite number of conception clouds build to critical mass, then transform in quantum bursts to high-energy probability waves radiating at tachyon speeds through an eternal reservoir of supersaturated alternate events. Depending on their charge and nature, the probability waves crystallize certain of these potential events to match the mental polarity of their creating consciousness into holographic appearance. [...]
"The materialized events become that mind's experience, freighted ~ Richard Bach

I didn't know anything until December 2004 when I went to purchase a vehicle and was told there was a foreclosure on my credit and I wouldn't be able to get the car. I've still got a red flag on my credit. ~ Claude Brown

If I have learned one thing from life, it is that race is the engine that drives the political Left. When all else fails, that segment of America goes to the default position of using race to achieve its objectives. In the courtrooms, on college campuses, and, most especially, in our politics, race is a central theme. Where it does not naturally rise to the surface, there are those who will manufacture and amplify it. ~ Ward Connerly

Musicals don't get enough credit for being so surreal. It's like an alternate universe. ~ Ezra Koenig

I just have to give credit when it's due because there are some things that took place in my life that I couldn't explain at all. ~ Heather Headley

I exhort you and beseech you in the bowels of Christ, faint not, weary not. There is a great necessity of heaven; you must have it. All other things, as houses, lands, children, husband, friends, country, credit, health, wealth, honour, may be let go; but heaven is your one thing necessary, the good part that shall not be taken from you. See that you buy the field where the pearl is. Sell all, and make a purchase of salvation. Think it not easy; for it is a steep ascent to eternal glory; many are lying dead by the way, that were slain with security. ~ Samuel Rutherford