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Bearishly Bullish

The Compound and Friends

00:00

Credit Suisse, a Globally Systemic Import Bank

Felix Simon: Credit Swiss is what's called a GSIB, a globally systemic import. The Saudi National Bank said they can't provide any more capital because of they can't own one in 10% bank. So that's what triggered this race to buy CDS, is that the Saudis and other sovereign wealth runs were keeping this thing afloat. And then you have a bunch of weird regulatory issues here where you can't own over a certain percent.

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