“Regulators here and in Europe have no idea — repeat, no idea — of the full extent of the derivatives exposure that could be triggered by an “official” Greek default, or by the failure of a major French bank. And if the people in charge have no clue as to the fallout from what may be trillions of dollars in side bets waiting to be triggered in a catastrophic cascade, they’re basically flying blind.” – Matt Miller, in a Washington Post editorial on derivatives titled: Europe’s debt crisis and the danger we can’t see
Jim’s Quote of the Day:
