Word: defaultsã
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According to the e-mails, Harvard entered the $500 million credit default swap—essentially an insurance policy that would pay off in the case of mortgage defaults??€”with Goldman paying about 100 basis points, or $5 million, per year for protection against defaults...
...woes closely resemble those of middle-income countries such as Argentina, Brazil, Malaysia, and Mexico, which all have per capita GDPs that hover around Russia’s of $8,000. Hardly exceptional, the economic problems that addle Russia—from capital flight to debt defaults??€”are standard fare for these middle income countries...
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