1.
Drones over U.S. may pose security risks
BEIJING, June 13 (UPI) -- Credit default swaps distort risk and fuel dangerous speculation, billionaire investor George Soros told international bankers and financiers in China.
"It's like buying life insurance on someone else's life and owning a license to kill him," Soros said Friday of the swaps, which pay the buyer face value if a borrower defaults, in exchange for the underlying securities or the cash equivalent.
Using Detroit-based General Motors as an example, Soros said some GM bondholders had more to gain from bankruptcy than re-organization of the company as a result of their default positions, The Daily Telegraph reported Saturday.
The Hungarian-born U.S. fund manager urged a ban on credit default swaps as the world's financial system struggles to right itself in the wake of last year's credit crisis.
The crisis has put the world's banking system on "life support," Soros told the Institute of International Finances, an association representing 370 financial institutions.
|
|
|
| Additional Business News Stories | |
BAGHDAD, Feb. 10 (UPI) --
Iran has been plundering oil from southern Iraq, a theft on a grand scale that's helping Tehran withstand sanctions aimed at throttling its oil exports.
|
ARLINGTON, Va., Feb. 10 (UPI) --
The United States and Israel have flight tested the Arrow Weapon System to evaluate and verify the missile system's Block 4configuration.
|
Local markets will probably not be swamped by waves of foreclosures following the multi-state mortgage settlement announced yesterday. Rather, the huge inventory of one to two million foreclosures will enter markets gradually....
|
Doubts about the euro are not subsiding, new leadership or not, rescue plan or not.
|
| Stories | Photos | People | Comments |
View Caption
