Sunday, October 05, 2008

Eat your heart out, Ponzi!

That Charles Ponzi sure was a sucker. He should have done Credit Default Swaps.

Wanna play? You come up with something you want to insure against, I agree to assume the risk for a premium. If things go well I get money for almost nothing. But if your fears come true and you try to collect from me, I fold up shop and leave you hanging.

The cool thing is, I don't have to do much research. In the worst case scenario, all I need is enough time to get your money out of the country before your catastrophe happens and you try to collect.

Stuart Buck links to this which has a lot more details.

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