There is No Such Thing as a 'Naked Credit Default Swap' + United States of GS: GS is scum...

[Riaz K Tayob]

There is No Such Thing as a 'Naked Credit Default Swap' -Max Keiser
Presents "On the Edge" for AP/Press TV
Posted: July 24, 2009 11:23 AM

There is no such thing as a 'naked credit default swap.' Trading
something that has no cost basis whatsoever to another party who can't
and won't take delivery of an imaginary financial fiction does not
constitute a bona fide transaction. Buying and selling avatars on Second
Life using virtual money has more economic legitimacy.

This is outright fraud meant only to generate fees for Wall St. But to
question this fraud is to question America's enslavement to 'market
fundamentalism' and the belief that 'the market' is omniscient and
infallible and that Goldman Sachs is God.

Speaking of Goldman Sachs, in case you missed it, here's my debate on
France24 last week unmasking Goldman's rogue practices. This video on
YouTube has over 130,000 views in less than a week so clearly there is
some interest in my point of view, but you will never hear me
interviewed on corporate controlled American TV.
Max Keiser: There is No Such Thing as a 'Naked Credit Default Swap' (25
July 2009)

See videos at link:

http://www.huffingtonpost.com/max-keiser/there-is-no-such-thing-as_b_244113.html