Norman Carleton's observations, mainly on financial policy issues.
Wednesday, July 27, 2011
ISDA Clarifies the Terms of CDS on U.S. Sovereign Debt
ISDA posted on their website today a Q&A on CDS on Treasuries, which clarifies the three day grace period and other matters. They needed to do this, given the confusing news articles and a television interview on this subject.
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Currently an independent consultant, I retired from a senior career position at the Treasury Department after a 30 year stint with the federal government. Most of my work involved domestic finance issues. Now I am on the outside looking in with a former insider's perspective. While being on the outside limits knowledge of the inside, it also removes the insider's constraints.
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