Friday, 2 March 2012

ISDA: How in hell does such corruption go unpunished?

http://www.isda.org/dc/docs/EMEA_Determinations_Committee_Decision_01032012Q1.pdf

Has a Restructuring Credit Event occurred with respect to Hellenic Republic?

Vote result: No (!!!!) . 15 "NO" votes - (And not a single 'Yes')

But who vote on this  EMEA Determinations Committee?

Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO

i.e. as far as I can tell, big banks likely to have a net SELL position in Greek CDS i.e. the ones who sold the insurance are the ones deciding whether there's been an accident or not. It beggars belief!