Fear of Credit Default Swaps Used to Protect Stupid Banks

By: Monday July 4, 2011 2:55 pm

A pox on every central bank, bank, insurance company, hedge fund and every individual player who is betting on Greece’s financial problems. I hope they all get burned.


FDL Book Salon Welcomes Matt Taibbi, Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America

By: Saturday November 27, 2010 1:59 pm

In Mark Harris’ classic baseball novel, Bang The Drum Slowly, players and coaches for the mythical New York Mammoths (modeled after the New York Yankees) fill the dead hours spent in hotels while on road trips by adjourning to the hotel lobby where they make a show of playing a card game called “Tegwar”. Tegwar (The Exciting Game Without Any Rules) is a con game whose express purpose is to extract as much money as possible from the passing starstruck fans who want to join in yet don’t want to appear like rubes by admitting that they don’t know what the hell is going on in the game. Befuddled by nonsensical winning hands like Red Rooster, Banjo, Coney Island Tatey or Butchered Hog, but caught up in the glow of hanging out with real live major league ballplayers, the fans are easy pickings and, unsurprisingly, the ballplayers always win.

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