Paulson's sketchy notes so far say that besides actual distressed loans, the Treasury may buy CDO's. "Cash CDO's" are directly collateralized by real assets, but 3rd party credit default swaps are just a kind of betting for "fatcats". Can you guarantee we won't become the "Casino of Last Resort" on the taxpayers' dime?

Paulson's sketchy notes so far say that besides actual distressed loans, the Treasury may buy CDO's. "Cash CDO's" are directly collateralized by real assets, but 3rd party credit default swaps are just a kind of betting for "fatcats". Can you guarantee we won't become the "Casino of Last Resort" on the taxpayers' dime?
Asked by: AYL Guest

Asked of U.S. Sen. Jim Webb (D-VA) on Oct 7th, 2008

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