Joseph Morelle actually said...

I would just like to note that the argument that naked CDSs, as I would define them, that don't provide any hedge at all but are purely speculative, aren't a tool for risk management since there is no risk on the part of the buyer of the protection.

02/03/2009

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"I am proud of what we have been able to accomplish as a Committee; however, our work is far from over."
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