Betting $4.8 billion on a U.S. default
From money.cnn.com
With its winners and losers, Wall Street is often likened to a big casino for obvious reasons. And even when it comes to a possible U.S. default next week, at least a few financial players are looking to cash in on such a bleak turn of events. A small camp of investors are betting that the U.S. government will default on its debt, and they're putting $4.8 billion of their chips on the table. In the event of a default, that's how much financial firms will have to pay out to investors who bought credit default swaps against the U.S. government, according to figures from the Depository Trust and Clearing Corp. With only ...
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