The CDS liquidity paradox

"Credit derivatives don't kill banks. Banks kill banks." Okay, it's a cheeky play on the infamous National Rifle Association slogan, but for the man who coined it with a derivatives twist, Kevin McPartland, a credit derivatives industry analyst at Tabb Group, it's an argument worth debating.

Credit derivatives are an A-list poster child of the worst financial crisis since the infamous Great Depression. Derivatives once again become a by-word for industry fecklessness and resulting dysfunction.

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