Greenspan hits out at 'appalling' CDS processing

Alan Greenspan, former chairman of the US Federal Reserve Board, says he found it “appalling” that banks were trading credit default swaps and documenting them on scraps of paper. Speaking at the Bond Market Association’s thirtieth anniversary dinner in New York yesterday, 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

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