Swaps Famous Quotes & Sayings
41 Swaps Famous Sayings, Quotes and Quotation.
Goldman Sachs itself - and so Goldman was in the position of selling bonds to its customers created by its own traders, so they might bet against them. Secondly, there was a crude, messy, slow, but acceptable substitute for Mike Burry's credit default swaps: the actual cash bonds. According to a former Goldman derivatives trader, Goldman would buy the triple-A tranche of some CDO, pair it off with the credit default swaps AIG sold Goldman that insured the tranche (at a cost well below the yield on the tranche), declare the entire package risk-free, and hold it off its balance sheet. Of course, the whole thing wasn't risk-free: If AIG went bust, the insurance was worthless, and Goldman could lose everything. Today Goldman Sachs is, to put it mildly, unhelpful when asked to explain exactly what it did, and this lack of transparency extends to its own shareholders. If a team of forensic accountants went over Goldman's books, they'd be shocked at just how good Goldman is at hiding things,— Michael Lewis
Mass communication can aid in personal evangelism and the development of Christians, but it cannot be a substitute for the world seeing the truth lived through us.— Erwin W. Lutzer
Why did the wise guys always accuse other people of being wise guys?— Robert Cormier
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
The black community now in many ways divided itself the way the larger white community divides itself, over class issues. And that race is no longer the bond that it once was. That's one of the prices you pay for progress.— Ed Smith
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
In early July, Morgan Stanley received its first wake-up call. It came from Greg Lippmann and his bosses at Deutsche Bank, who, in a conference call, told Howie Hubler and his bosses that the $4 billion in credit default swaps Hubler had sold Deutsche Bank's CDO desk six months earlier had moved in Deutsche Bank's favor. Could Morgan Stanley please wire $1.2 billion to Deutsche Bank by the end of the day? Or, as Lippmann actually put it - according to someone who heard the exchange - Dude, you owe us one point two billion.— Michael Lewis
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
I can only see death and more death, till we are black and swollen with death.— D.H. Lawrence
We sort of read two or three big newspapers but we don't get the flavor of the local events, the local news as much.— Jane Smiley
All thought usually reached the public after thirty years in some such form: The man on the street heard the conclusions of some dead genius through someone else's clever paradoxes and didactic epigrams.— F Scott Fitzgerald
Of course most Americans don't know how A.I.G. brought the world's financial system to near-ruin or what credit-default swaps are. They may not even know what A.I.G. stands for. But Americans do make the connection between their fears about their own jobs and their broad understanding of the A.I.G. debacle.— Frank Rich
Consumer groups fought hard to provide investor protections for 'special entities' such as pension funds, schools, and municipalities who purchase swaps. No comparable protection exists in the futures market.— Daniel L. Doctoroff
Stop it!'— Laurie R. King
He relented, so far as he could, stepping forward to take my head into his hands. 'Russell, once, only once, I was taken and suffered for it. Please, my dear wife, believe me, this is not the same situation ... ' ... I turned back to Holmes and hissed, 'If you're wrong, I shall be extremely angry with you.' Then O kissed him hard on the lips, more threat than affection, and let him step back into his cell ... 'However, Russ? I think that, all in all, given the choice, I prefer you with the hair and without the moustache.
Currency speculation-over a trillion dollars a day-is a tax-free activity. The notion of a tax on "day trades" or other speculative swaps was revived in recent years, but has been studiously ignored by all our purveyors of conventional economic wisdom. That is because we have been persuaded, against logic, and moral sense, that the institution that most needs our support these days is not society, nor the human community, but the global corporation.— Eric Kierans
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
The planet earth has a life span of eight billion years, give or take a few million. People have been around for approximately forty thousand years-a virtual blink in the cosmos. It is sad that we as a species are ravaging the natural world so fast that we are jeopardizing our survival. If we wipe ourselves out, it would be the height of folly, but the earth will survive even us. It will eventually restore itself. It might take a few thousand years, and it won't be just as it was before, but its life is stronger than death.— Charlotte Sophia Kasl
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
She's an Alchemist," continued Nathan. "Not a chauffeur. There's a big difference." Actually, there were days at Amberwood I doubted that. "Come, Miss Sage. If you've wasted your day driving my son here, the least I can do is buy you lunch."— Richelle Mead
I shot a panicked look at Adrian. It wasn't panicked because I was afraid of being with Moroi. I'd long since gotten used to these sorts of situations. What I was unsure of was if Adrian really wanted me around for his family reunion. That hadn't been part of the plan. Also, I wasn't sure that I really wanted to be around for said reunion either.
"Dad-" Adrian attempted.
"I insist," said Nathan crisply. "Pay attention and learn common courtesy." He turned and began walking away, assuming we'd follow. We did.
"Should I find a reason to leave?" I whispered to Adrian.
"Not when he uses his 'I insist' voice," came the muttered response.
In a barrel of odds and ends it is different; things get mixed up, and the juice kind of swaps around, and the things go better.— Mark Twain
There was more than one way to think about Mike Burry's purchase of a billion dollars in credit default swaps. The first was as a simple, even innocent, insurance contract. Burry made his semiannual premium payments and, in return, received protection against the default of a billion dollars' worth of bonds. He'd either be paid zero, if the triple-B-rated bonds he'd insured proved good, or a billion dollars, if those triple-B-rated bonds went bad. But of course Mike Burry didn't own any triple-B-rated subprime mortgage bonds, or anything like them. He had no property to "insure" it was as if he had bought fire insurance on some slum with a history of burning down. To him, as to Steve Eisman, a credit default swap wasn't insurance at all but an outright speculative bet against the market - and this was the second way to think about it.— Michael Lewis
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
Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. It's about a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget.— Matt Taibbi
The borders of Israel and Palestine should be based on the 1967 lines with mutually agreed swaps, so that secure and recognized borders are established for both states. The Palestinian people must have the right to govern themselves and reach their potential, in a sovereign and contiguous state.— Barack Obama
Both had trouble generating conviction of their own but no trouble at all reacting to what they viewed as the false conviction of others.— Michael Lewis
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
Main Street investors, who cannot trade credit default swaps, should not be tempted to trade an instrument with the same risk profile simply because it has been given a different name.— Daniel L. Doctoroff
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
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
While we're talking about votes, Bernie Sanders is one who voted to deregulate swaps and derivatives in 2000, which contributed to the over-leveraging of Lehman Brothers, which was one of the culprits that brought down the economy.— Hillary Clinton
The borders of Israel and an independent Palestine should be based on the 1967 lines with mutually agreed swaps. Each state needs secure and recognized borders, and there must be robust provisions that safeguard Israel's security.— Denis McDonough
Credit-default swaps, I think, have serious problems associated with them.— Alan Greenspan
I love you as much as my heart is allowed to love.— A. Valentine Joseph
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
Once I had a potentially heart attack-inducing eight double espressos in one day. I think my assistant secretly swaps my coffees for decaf as she doesn't want me to die of caffeine overdose.— Steven Soderbergh
You are on the look out for experience, strength, and hope. You want to hear from the horse's mouth exactly how disappointments have been survived. It helps to know that the greats have had hard times too and that your own hard times merely make you part of the club.— Julia Cameron
I think the way we think about cancer, the way we treat cancer, has dramatically changed in the last century. There is an enormous amount of options that a physician can provide today, right down from curing patients, treating patients or providing patients with psychic solace or pain relief.— Siddhartha Mukherjee
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
I think the credit default swaps can take the place of the rating agencies who really have missed the ball in this procedure and are quite conflicted by the way the ratings are paid for. So, I would like to see credit default swaps become an evermore important way of understanding credit risk in the economy.— Robert F. Engle
Everyone ate as a group, and a huge cauldron of dumpster-dived gruel bubbled over a campfire, tended by a grubby-handed group of chefs dicing potatoes and onions on a piece of cardboard on the ground. Huck [Finn] may have been right that a 'barrel of odds and ends' where the 'juice kind of swaps around' makes for better victuals, but it occurred to me that the revolution may well get dysentery.— Matthew Power
I do believe CDSs [credit default swaps] have been miscast, much as poor workmen tend to blame their tools.— Blythe Masters
![Swaps Sayings By Blythe Masters: I do believe CDSs [credit default swaps] have been miscast, much as poor workmen tend](https://www.greatsayings.net/images/swaps-sayings-by-blythe-masters-2110187.jpg "Swaps Sayings By Blythe Masters: I do believe CDSs [credit default swaps] have been miscast, much as poor workmen tend")