Rolling Stones Analysis on the Crisis!!

"In its simplest form, a CDS is just a bet on an outcome. Say Bank A writes a million-dollar mortgage to the Pope for a town house in the West Village. Bank A wants to hedge its mortgage risk in case the Pope can't make his monthly payments, so it buys CDS protection from Bank B, wherein it agrees to pay Bank B a premium of $1,000 a month for five years. In return, Bank B agrees to pay Bank A the full million-dollar value of the Pope's mortgage if he defaults. In theory, Bank A is covered if the Pope goes on a meth binge and loses his job."

Thanks Pierre!! Simply Brilliant!!

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Leadership Legacy!!!

I read this in FT.. an example of amazingly powerful & moving example of leadership legacy in a well.. lets say different place...

I refer to the February concert of the New York Philharmonic Orchestra, in Pyongyang, when music director Loren Maazel, himself a long-standing superstar, stepped off of the stage, at a moment of immense personal achievement, when the whole world was watching, and invited Leonard Bernstein, dead for 19 years, to "conduct" the piece. Here is how the Financial Times reported it ["Ovation in Pyongyang is music to US ears"Anna Fifield in Pyongyang, FT.com sitePublished: Feb 26, 2008] :

For the encore, the orchestra played Leonard Bernstein's Candide, after which Mr. Maazel explained the orchestra's special attachment to its former conductor. "Imagine Maestro Bernstein coming back and conducting once more," Mr. Maazel almost whispered. "Maestro, do me a favour," he said in Korean, backing off the stage to leave the orchestra to play Bizet's Farandole without him. The sight of the empty green dais was spine-tingling....

Bill Fischer sums it up perfectly.."Thinking about this moment, now, I believe it must be one of the most moving and powerful expressions of gratitude, from one leader to his/her mentor, imaginable. As leaders, we can only admire, and envy, Bernstein's legacy, for Maazel to honor him in this way. It proves, that strong and effective leaders can generate admiration and affection that lasts for decades."