Undermoney (guest: Jay Newman)
The Market Huddle
00:00
Is There a Market in Bank Loans?
30 countries defaulted on their sovereign debt in the early 1980s. The banks said they'd love to trade these things, but who would run a trading desk? Fourow says it was one of those wild situations where there was no market. They must have just traded by appointment, rightly?, he asks.
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