Greenspan slams CDS paperwork

News

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Alan Greenspan, former chairman of the US Federal Reserve, has said it is "appalling" that banks have been trading credit default swaps (CDSs) and documenting them on scraps of paper. Speaking at the Bond Market Association's 30th anniversary dinner on May 18, he also expressed dismay at how long it took to confirm trades in a technically advanced industry.

"The difficulty is that while this is an extraordinary business, I was shocked and surprised that we were confronted by an operations iss

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