- Reaction score
The International Swaps and Derivatives Association (ISDA) will be responsible for a very important decision shortly. As Jim Sinclair stated during his interview with Ellis Martin, ISDA are "the people who determine if a credit event is a default or not. It is the singular, most important organization with more power than governments. It will determine whether 5 US banks will go insolvent tomorrow, as in this week. Five US Banks controlling over 97% of all credit default swaps." ISDA is the organization in charge of declaring a default, but they are made up of the membership banks who hold the credit default swaps! ...
After listening to the interview, I went back to SD archives. Let's not forget, the same organization which is "more powerful than governments" and in charge of declaring a default in Greece is the group appealing the Dodd-Frank Act's implementation of position limits. It should come at no surprise to SD reader's of what the intentions are of the members leading the direction of the ISDA.
ISDA set up us the (CDS/derivative) bomb. :flail: