Very scary implications re CDS & "Non defaults"

[Delawhere Jack]

This is a thirty minute interview with a guy named Ellis Martin. He describes the process of how a soveriegn default, such as Greece will soon experience, may be labled as a non default by the organization that sets the guidelines on CDS's, the ISDA. The five largest banks in the US issued something like 95%+ of the CDS contracts on soveriegn debt.

Guess who controls the ISDA?

http://www.jsmineset.com/2012/01/30/the-impending-undeclared-default-of-5-major-us-banks