The headlines blaze criminal charges for SAC Capital Advisors, a wayward hedge fund. Yet if one reads the Southern district of New York indictment, it is fairly obvious the owner is getting off the hook.
In an article several months ago in the UK's Telegraph, the sovereign credit default swap market made the news. Until now, not that much was made of the sovereign CDSes; in fact, many didn't even realize the existence, and contagion, of such a market.
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