I didn't do much reading over the weekend so when I read this morning that AIG put out the list of its counterparties for its Credit Default Swaps, I thought (being a former auditor), "Oh, that seems reasonable."
What I didn't expect was that people (including some in the Obama Administration) are upset that many of the recipients of the funds are, gasp, other banks!
Now wait a tick, I'm not the smartest guy in the world but I don't think the likes of Joe the Plumber and the local pipe-fitters union are sophisticated enough to be in the market for CDS's. Just sayin...
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