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The very first CDS

June 10, 2010

Yes, conspiracy theorists, there is a link between environmental disasters and financial meltdowns. In the wake of the Exxon Valdez disaster, Exxon was faced with $5B in fines. The company turned to its banking partner, J.P. Morgan, and asked for a line of credit in that amount. J.P. Morgan was reluctant to grant the loan for […]

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