> ZH redefines the CDS problem as being excessive and
> indiscriminate use rather than, as many put it once
> it became of topic of mass media comment, the
> existence of such derivatives.
I would say it's even more nuanced than that: it was the *vast, unhedged* use of them ... if your hedges "never" pay out, but always cost you money, there's a temptation to skip that part of the trade: hey, why not?
Well, six-sigma events is why not.
/jordan