“A credit default swap was confusing mainly because it wasn't really a swap at all. It was an insurance policy, typically on a corporate bond, with semiannual premium payments and a fixed term.”

— Michael Lewis , book The Big Short

Source: The Big Short (2010), Chapter Two, In the Land Of The Blind, p. 29

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American writer 1960

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“A credit default swap was confusing mainly because it wasn't really a swap at all. It was an insurance policy, typically on a corporate bond, with semiannual premium payments and a fixed term.”

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Michael Lewis 40

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