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CDS Counterparty Risk and the Bear Stearns Bailout

Jesse Eisinger points me to David Evans's 4,400-word article on credit default swaps; he likes it a lot. Me, not so much. If it were shorter, it wouldn't bother me so much. But if you're writing at that sort of length, you should really take advantage of the opportunity to get things absolutely right, and not fudge complex issues.

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